Animoca Brands Corporation Ltd has made a strategic investment into Param Labs, strengthening the two companies’ existing partnership.
Param Labs is a leading gaming infrastructure startup based in the United Arab Emirates. Animoca’s investment will help accelerate the development of Param Labs’ scalable Web3 infrastructure and expand its ecosystem, which boasts over 50 IP partnerships with notable brands such as GameStop (NYSE:GME), Pudgy Penguins, Mocaverse and more.
Param Labs is focused on developing video games and infrastructure to power the next generation of gaming, Kiraverse, Param Labs’ flagship Web3 multiplayer third-person shooter game offers players the opportunity to compete, earn and trade digital assets like characters and skins.
Kiraverse is designed to promote digital ownership and user-generated value, leveraging Param Labs' innovative technology.
Param Labs is also actively constructing technology to equip developers with the necessary tools they need to effortlessly elevate their users' blockchain based experiences, ensuring seamless interaction for gamers across the globe.
Additionally, its Pixel-to-Poly service enables users to transform 2D images into 3D playable in-game characters, compatible with Kiraverse as well as popular Web2 titles including Grand Theft Auto V and Fortnite.
With a strong focus on esports, Param Labs has also partnered with major e-sports organisations worldwide to promote Web3 ecosystem growth around gaming, and is gearing up for a token launch that will serve as an ecosystem token for its upcoming games and infrastructure.
Param Labs founder and CEO Anthony Anderson said: "This investment marks a significant milestone for Param Labs' ecosystem development and the broader Web3 gaming landscape.
"Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming's innovative shift to digital ownership.
"With our new funding, we'll continue to invest in building out and scaling our current products while also advancing our ecosystem initiatives and fostering community involvement."
Expands Animoca's MENA presence
The investment in Param Labs further expands Animoca Brands presence in the Middle East and north Africa, following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.
Animoca Brands co-founder and executive chairman Yat Siu said: "We're excited to invest in and partner with Param Labs to drive Web3 development in MENA and advance the cause of digital property rights in the open metaverse.
"Both Animoca Brands and Param Labs share a vision to redefine the gaming landscape and the open metaverse by leveraging the power of shared network effects."