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Param Labs, a company based in the United Arab Emirates known for its gaming technology, and Animoca Brands, a leader in digital rights for games and the metaverse, have taken their partnership further. Following an agreement in February of this year, Animoca Brands has invested in Param Labs. This move is set to speed up the work on Param Labs’ Web3 infrastructure and grow its ecosystem, which includes collaborations with over 50 brands like GameStop and Pudgy Penguins.
Param Labs creates video games and the tech behind them, focusing on the next wave of gaming. Its main project, Kiraverse, is a Web3 multiplayer shooter game that lets players earn and trade digital items, such as character outfits and looks, promoting the idea of owning digital items and creating value.
Additionally, Param Labs is making tools to help developers improve online gaming experiences, making it easier for players around the world. Its service, Pixel-to-Poly, turns 2D pictures into 3D characters that can be used in games, including Kiraverse and popular titles like Grand Theft Auto V and Fortnite.
Esports, competitive gaming, is also a key area for Param Labs, which has teamed up with major esports groups to support the growth of Web3 gaming. They are planning to launch a token that will support its games and tech projects.
Yat Siu, from Animoca Brands, said they are happy to work with Param Labs to bring Web3 development to the Middle East and North Africa and support digital ownership in the metaverse. In his words:
“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.”
Anthony Anderson, who started Param Labs and Kiraverse, sees the investment and partnership with Animoca Brands as crucial. It’s a big step for the development of Param Labs and Web3 gaming. “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,” Anderson said.
This investment from Animoca Brands is part of its increasing involvement in the Middle East and North Africa. It follows partnerships aimed at promoting Web3 in the region, including establishing a Web3 hub in Riyadh