Param Labs, a trailblazer in creating modular gaming ecosystems, has successfully secured $7 million in funding to further develop games and infrastructure centered around the PARAM token. This funding round was led by crypto venture capital firm Animoca Brands, along with Delphi Ventures, Mechanism Capital, and other prominent investors.
The funding round, described as ‘significantly oversubscribed,‘ drew attention from industry giants including Yat Siu of Animoca Brands and Banks, founder of Faze Clan, who both made strategic investments. Their involvement is poised to strengthen Param Labs’ vision of integrating digital property rights within the gaming sector, a step towards a fully realized open metaverse.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “We’re excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse. This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets. Together, we’re working to transform the industry, emphasizing the value of gamer experiences and ownership.”
The excitement around Param Labs is not just limited to investor confidence. The company has seen substantial growth in its community, boasting over 2.5 million Twitter followers and significant daily active users on its gaming platform. Their recent launch into Beta for three major projects has received positive feedback globally, demonstrating their commitment to enhancing gamer experiences through ownership and creative freedom.
Impact of the Investment
This new funding will accelerate the development of Param Labs’ ecosystem, which is set to revolutionize the gaming industry by empowering developers and providing real value to users. Anthony Anderson, founder and CEO of Param Labs, expressed gratitude for the support and outlined the transformative potential of this investment. Their plans include innovative features like match wagering in Kiraverse and the continuous expansion of their Pixel to Poly service.
“Param Labs has the potential to be a true leader in developing innovative gaming experiences while onboarding traditional users into Web3. One of their early ecosystem services—Pixel to Poly—is already gaining significant traction. We’re excited to monitor the rollout of other unique features such as match wagering later this year in their first shooter title Kiraverse.” said Piers Kicks, Founding Partner at Delphi Ventures.
A Vision for the Future
Param Labs is not only focused on current gaming innovations but is also laying the groundwork for future advancements, with plans to introduce a ZK EVM-compatible blockchain. Additionally, they are expanding their influence in the eSports sector by partnering with major organizations and recruiting top talent from established gaming groups.