Animoca Brands co-founder and executive chairman Yat Siu
Open Metaverse and Web3 giant Animoca Brands has invested an undisclosed amount in Param Labs, a gaming infrastructure startup based in the UAE.
The partnership strengthens the two companies’ existing partnership to accelerate the development of Param Labs’s scalable Web3 infrastructure and expand its ecosystem, which boasts over 50 IP partnerships with notable brands, such as GameStop, Pudgy Penguins, and Mocaverse.
Also Read: Animoca Brands to drive Web3 initiatives in Saudi Arabia’s NEOM City
“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 involvementm,” said Anthony Anderson, founder and CEO of Param Labs.
With this deal, Animoca has also expanded its presence 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.
Param Labs develops video games and infrastructure to power the next generation of gaming. Its flagship Web3 multiplayer third-person shooter game, Kiraverse, allows players 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’s innovative technology.
Param Labs is also actively constructing technology to equip developers with the necessary tools to elevate their users’ blockchain-based experiences effortlessly. Additionally, its Pixel-to-Poly service enables users to transform 2D images into 3D playable in-game characters, compatible with Kiraverse and popular Web2 titles, including Grand Theft Auto V and Fortnite.
Also Read: Animoca Brands invests in Singaporean Web3 entertainment startup Imaginary Ones
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “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.”
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