Param Labs, a leading gaming infrastructure startup based in the United Arab Emirates, and Animoca Brands a new strategic investment. To strengthen the two companies’ existing partnership to 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, Pudgy Penguins, Mocaverse, and more.

Yat Siu, co-founder and executive chairman of Animoca Brands, commented: "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."

Flagship Web3 IP

Param Labs is focused on developing video games and infrastructure to power the next generation of gaming. Kiraverse, the flagship web3 multiplayer third-person shooter game developed by Param Labs, 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.

Param Labs and Esports

With a strong focus on esports, Param Labs has also partnered with major esports organizations 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. 

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands, stating:

"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."

Final Thoughts

Param Labs is preparing for several exciting initiatives, including a free-mint NFT launch and the release of its litepaper, which will detail its game economy and infrastructure. This includes a network of Layer 2 and Layer 3 solutions with parallelized VMs such as Move and SVM, leveraging Param Labs' innovative web3 framework utilizing modular blockchain architecture.

This collaboration signifies a major leap for Param Labs and the broader web3 gaming ecosystem in the MENA region. With Animoca Brands' support, Param Labs is well-positioned to break new ground in the web3 and gaming sectors. Animoca Brands is actively investing in the MENA region, 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.