Param Labs, a UAE-based gaming infrastructure startup, announced a significant investment from Animoca Brands, a player in digital property rights for gaming and the open metaverse.
This investment strengthens the existing partnership between the two companies, initially revealed on February 14, 2024, and underscores their commitment to accelerating the growth of Param Labs’ offerings, including its flagship Web3 multiplayer third-person shooter game, Kiraverse.
Param Labs, known for its focus on pioneering the next generation of gaming through video game development and infrastructure, aims to enhance digital ownership and user-generated value.
Kiraverse allows players to compete, earn, and trade digital assets, such as characters and skins, leveraging Param Labs’ cutting-edge technology.
The startup is also enhancing the gaming experience by providing developers with tools for seamless blockchain-based interactions and introducing services like Pixel-to-Poly, which converts 2D images into 3D in-game characters.
Moreover, Param Labs is deepening its involvement in esports and plans to launch a token that will serve as the ecosystem token for its upcoming games and infrastructure, signaling a further expansion into the Web3 gaming domain.
Yat Siu, co-founder and executive chairman of Animoca Brands, expressed enthusiasm for the partnership, highlighting the shared vision of both companies to transform the gaming landscape and the open metaverse through shared network effects.
Anthony Anderson, founder and CEO of Param Labs and Kiraverse, underscored the importance of the strategic investment for the growth of Param Labs’ ecosystem and the broader Web3 gaming landscape.
Anderson emphasized the alignment of visions between Param Labs and Animoca Brands, focusing on creating valuable products that forefront gaming’s shift to digital ownership.
This latest investment by Animoca Brands in Param Labs not only signifies a pivotal moment for the startup but also expands Animoca Brands’ presence in the MENA region.
This follows closely after Animoca’s partnership with NEOM to advance Web3 in the region and with King Abdulaziz City for Science and Technology to establish a Web3 hub in Riyadh, marking a continued commitment to fostering digital property rights and innovation in the open metaverse. – PEVCJournal.com