Param Labs Secures $7M Round to Build New Gaming Ecosystem Governed by the Community

Web3 investment company Animoca Brands led the round with participation from Delphi Ventures and Cypher Capital among others.
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Quick take: 

  • The fundraising comes ahead of the studio’s planned launch of its native token $PARAM.
  • Param Labs is also developing its first game, Kiraverse, a play-to-earn, multiplayer shooter game.
  • The studio is mainly interested in building AAA multiplayer blockchain games and the technology that makes them user-friendly.

Web3 gaming studio, Param Labs has completed a $7 million funding round led by Animoca Brands with participation from Delphi Ventures and Cypher Capital, among others.

The company is developing “Kiraverse” a play-to-earn multiplayer shooter game, and its first title, which it started making in 2021. Its second title “Pixel-to-Poly” has been in development since 2023.

This fundraising comes ahead of Param Labs’ planned launch of its native token $PARAM, which will be used to govern the new gaming ecosystem. 

Based in the United Arab Emirates, Param describes its gaming ecosystem as one that focuses on building AAA multiplayer blockchain games and the technology that makes them user-friendly. 

We are “an independent game and technology development studio, specialising in multiplayer blockchain games, AAA design, and innovative technology development,” a statement on the studio’s website reads.

According to Param, its platorm aims to seamlessly connect the worlds of Web2 and Web3 by leveraging emerging technology to provide user-generated value, digital ownership of gaming assets, and unique gaming experiences to the mainstream, adding that its products are designed to onboard millions of new users into Web3 seamlessly.

Commenting on the announcement, Yat Siu, the Animoca Brands co-founder and executive chairman who also made a strategic investment in Param Labs said in a statement: “This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets.”

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