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Animoca Brands Champions $7M Fundraise for Param Labs

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Animoca Brands Champions $7M Fundraise for Param Labs

Param Labs, a developer of gaming infrastructure, has successfully secured $7 million in funding during a “significantly oversubscribed” investment round. This influx of capital was spearheaded by Animoca Brands, a prominent crypto venture capital firm, and saw participation from other influential investment entities like Delphi Ventures, Cypher Capital, P2 Ventures, Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures.

The newfound resources are intended to tackle one of the major hurdles in the Web3 gaming sector: the deficiency of foundational infrastructure. Modular gaming ecosystems, such as the one Param Labs is developing, are viewed as essential for building the next wave of Web3 games. Anthony Anderson, who serves as the CEO of both Param Labs and Kiraverse, emphasized the unique strengths of modular ecosystems over traditional Web3 studios.

Unlike studios that concentrate on single game titles, modular ecosystems offer a diverse array of products and components. This diversity grants developers the ability to create unique games using these modules and equips other developers with vital tools for their projects. The comprehensive nature of these ecosystems facilitates a more versatile development environment, promoting innovation and integration.

The financing round comes at a pivotal moment for Param Labs, as their gaming platform recently achieved a milestone of 300,000 daily active users. Their social media presence on the X platform has surpassed 2.5 million followers, reflecting growing interest and engagement. The support from key industry figures, including Animoca Labs co-founder Yat Siu and Face Clan founder Banks, underscores the potential impact of Param Labs on the gaming landscape.

Yat Siu expressed his enthusiasm for the collaboration, highlighting that Param Labs could play a significant role in realizing the vision of an open metaverse. He remarked on the importance of advancing digital property rights in gaming and aligning efforts to redefine the gaming landscape. This partnership is seen as a step towards ensuring that gamers become the true owners of their digital assets.

A significant obstacle for Web3 gaming is the lack of sufficient infrastructure, which complicates blockchain integrations for developers and hinders mainstream adoption. Addressing this issue is critical not only for the development of individual games but also for the broader application across various gaming experiences. Anthony Anderson stressed the importance of focusing on infrastructure to enable the widespread adoption of blockchain gaming.

The need for robust blockchain gaming infrastructure was further highlighted by a recent incident involving the Wanderers game. Founder Nick Greenawalt shared a preview, humorously labeling it “the future of gaming.” The video showcased gameplay repeatedly interrupted by MetaMask wallet prompts, underscoring the inefficiency and friction in current blockchain gaming setups.

For Web3 games to achieve mainstream appeal, they must seamlessly integrate crypto assets and Web3 technology. According to Anthony Anderson, gamers should be able to interact with on-chain assets subconsciously, enjoying benefits like trading assets and monetizing game time without disruptive friction points. This vision creates a smoother, more enjoyable gaming experience that preserves the benefits of blockchain technology.

13 thoughts on “Animoca Brands Champions $7M Fundraise for Param Labs

  1. So thrilled to see Param Labs making waves in the Web3 gaming industry! $7M funding will unlock unparalleled possibilities for game developers.

  2. Great, more pop-ups and disruptions in gaming. Just what we needed… NOT.

  3. The future of gaming is here, powered by Param Labs! Huge congrats on the funding and milestone achievements. Web3 gaming will never be the same again.

  4. All this talk about digital property rights, but what about just making a fun game? Tired of these blockchain buzzwords.

  5. Param Labs is setting a new standard in Web3 gaming! 🚀 $7M funding will surely accelerate their mission. Exciting times ahead! 🎮🔗

  6. Will this investment lead to better games or just more blockchain complications?

  7. Another company trying to ‘redefine the gaming landscape,’ yet all I see are inefficient and disruptive gaming experiences. 🚧👾

  8. Incredible progress by Param Labs! $7M secured to tackle Web3 gaming infrastructure issues is a massive win. Can’t wait to see what innovative games emerge from their modular ecosystem!

  9. Can we just make good games without shoehorning blockchain into everything? 🎮✨ Sometimes simpler is better.

  10. Modular ecosystems are nice on paper, but are they actually delivering? Feels like all fluff and no substance. 🤷‍♀️📝

  11. Congrats to Param Labs on the successful funding round! Animoca Brands’ backing speaks volumes about the potential here. Excited for the future of modular gaming ecosystems!

  12. Theyve got more users on social media than in their games. That’s gotta tell you something about their priorities.

  13. Congratulations to Param Labs on this fantastic achievement! $7M to fuel the future of Web3 gaming. Can’t wait to see what’s next!

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