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Animoca Brands Corporation Ltd has made a strategic investment in Param Labs, strengthening the existing partnership between the two companies.
Param Labs is a leading gaming infrastructure startup headquartered in the United Arab Emirates. Animoca’s investment will help accelerate the development of Param Labs’ scalable Web3 infrastructure and expand its ecosystem of more than 50 IP partnerships with well-known brands such as GameStop, Pudgy Penguins, Mocaverse and more.
Param Labs is focused on developing video games and infrastructure to power the next-generation gaming Kiraverse. Kiraverse is Param Labs’ flagship Web3 multiplayer third-person shooter that provides players with the opportunity to compete, earn and trade digital assets such as characters and skins.
Kiraverse aims to leverage Param Labs’ innovative technology to promote digital ownership and user-created value.
Param Labs is also actively building technology to provide developers with the necessary tools to easily enhance users’ blockchain-based experiences and ensure seamless interaction for gamers around the world.
In addition, its Pixel-to-Poly service enables users to convert 2D images into playable 3D game characters, compatible with Kiraverse and popular Web2 games including Grand Theft Auto V and Fortnite.
With a strong focus on esports, Param Labs also works with major global esports organizations to promote the development of the Web3 ecosystem around gaming, and is preparing to issue tokens as ecosystem tokens for its upcoming games and infrastructure.
Anthony Anderson, founder and CEO of Param Labs, said: “This investment marks an important milestone in the development of the Param Labs ecosystem and the broader Web3 gaming space.
“Our vision aligns with that of Animoca Brands, and we are excited to collaborate to create valuable products at the forefront of the innovative shift in gaming to digital ownership.
“With the new funding, we will continue to invest in building and expanding our existing offerings while advancing our ecosystem initiatives and fostering community engagement.”
Expanding Animoca’s presence in the Middle East and North Africa
The investment in Param Labs further expands Animoca Brands’ presence in the Middle East and North Africa, following its partnership with NEOM to drive Web3 in the region and the establishment of a physical office and Web3 center in Riyadh with King Abdulaziz City for Science and Technology.
Yat Siu, co-founder and executive chairman of Animoca Brands, said: “We are delighted to invest in and partner with Param Labs to advance the development of Web3 in the Middle East and North Africa and advance digital property rights in the open metaverse.
“Animoca Brands and Param Labs share a vision to redefine the gaming landscape and the open metaverse by harnessing the power of shared network effects.”
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