Param Labs secures Animoca Brands’ investment in Web3 ecosystem

Param Labs, an industry-leading UAE-based gaming infrastructure startup, and Animoca Brands, an organization advocating for digital property rights in the gaming industry and the open metaverse, have announced today that Animoca Brands has strengthened their partnership by making a strategic investment into Param Labs.

The Param Labs-Animoca Brands alliance will boost Web3 ecosystem development. Param Labs is proud of over 50 IP collaborations with well-known businesses such as GameStop, Pudgy Penguins, and Mocaverse. They are completely committed to creating video games and infrastructure that will empower the next generation of gamers. Param Labs’ Web3 online third-person shooter game, known as Kiraverse, allows users to compete, earn, and trade digital assets such as characters and skins.

The primary goal behind the development of Kiraverse is to encourage user-generated value and digital ownership. Kiraverse is powered by the innovative technology of Param Labs, which also designs tools to empower developers to enhance their users’ blockchain-based experiences. The Pixel to Poly service enables users to convert 2D images into viable in-game characters in 3D. Pixel to Poly is compatible with renowned Web2 games such as Fortnite and Grand Theft Auto V, as well as Kiraverse.

Param Labs has successfully collaborated with key worldwide esports organizations to encourage Web3 framework growth in gaming, and esports has always been their primary focus. They are approaching the release of a token that will function as an ecosystem token for their forthcoming games and infrastructure.

Yat Siu, executive chairman and co-founder of Animoca brands, expressed his enthusiasm for the partnership and stated that they are thrilled to invest in Param Labs and work with them to promote digital property rights in the open metaverse and propel Web3 development in MENA. Animoca Brands and Param Labs are aligned in their objective to revolutionize the gaming industry and the open metaverse through the strategic implementation of shared network effects.

Founder and chief executive officer of Param Labs and Kiraverse, Anthony Anderson, emphasized the significance of the partnership and strategic investment with Animoca Brands. He strongly believes that this investment signifies a momentous achievement for the advancement of Param Lab’s ecosystem and the wider Web3 gaming domain. 

A senior Param Labs representative stated that the company is delighted to work with Animoca Brands to develop valuable products because their respective visions are complementary. The collaboration between Animoca Brands and Param Labs occurs against the backdrop of the gaming industry’s revolutionary transition to digital proprietorship.

Param Labs will use new funds to expand and scale its products, advance its ecosystem, and engage the community. Animoca Brands will expand its footprint in MENA following a partnership with NEOM to push Web3 in the region. They will collaborate with King Abdulaziz City for Science and Technology to set up an office and Web3 center in Riyadh. 

Param Labs is on a quest to use artificial intelligence and blockchain technology to help the rapidly expanding multibillion-dollar gaming business. It is noteworthy that Param Labs has established a novel standard for user engagement and innovation in the age of digitalization. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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