Param Labs Raises $7 Million to Develop Web3 Gaming Infrastructure
Summary:
Param Labs, a gaming infrastructure developer, has secured $7 million in a considerably oversubscribed funding round led by Animoca Brands. The funds raised will be used to build a modular gaming ecosystem, addressing a key infrastructure deficit in Web3 gaming. The round drew strategic contributions from key industry figures such as Animoca's co-founder, Yat Siu. Amid a surge in user activity, Param Labs emphasis is on a seamless integration of blockchain in gaming and enhancing the gamers' interaction with on-chain assets.
Param Labs, a developer of gaming infrastructure, has successfully acquired $7 million in a highly sought-after funding round. The round, which aimed to generate resources for the creation of a modular gaming ecosystem, was spearheaded by crypto venture capital firm Animoca Brands, and saw contributions from other entities such as Delphi Ventures, Cypher Capital, P2 Ventures, Merit Circle, Double Peak Group, and MH Ventures. The newly raised capital will be used to address a key challenge facing Web3 gaming - the absence of a fundamental infrastructure. Param and other such modular ecosystems will be instrumental in establishing the framework for succeeding Web3 games, as stated by Param’s CEO, Anthony Anderson. The funding round comes amid an exponential growth in user activity on the Param Gaming Platform, which reported over 300,000 daily active users. It's 'X' page has drawn in more than 2.5 million followers prior to the successful investment round. Powerful figures in the gaming industry, such as Animoca Labs co-founder Yat Siu, and Face Clan founder Banks, have made strategic contributions to the protocol, reinforcing Param's potential to significantly shape and enhance the gaming landscape. The lack of Web3 gaming infrastructure brings about challenges for developers wishing to integrate blockchain, which stands as one of the major obstacles to mainstream acceptance. Anderson concurs that investing in infrastructure is essential as it can resolve issues with current game developments as well as apply to a multitude of other experiences, enhancing blockchain gaming adoption. Web3 games targeting mainstream success need to naturally blend crypto assets and Web3 tech without causing unwanted interruptions, added Anderson. He emphasized that gamers should interact with on-chain assets unconsciously while still enjoying the perks in-game time monetization and asset trading with friends.
Published At
5/16/2024 5:00:38 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.