Param Labs from the UAE secures significant investment from Animoca Brands, further enhancing their collaboration to support the growth of the Web3 ecosystem.

Param Labs, a gaming infrastructure startup based in the United Arab Emirates, has secured a strategic investment from Animoca Brands, a Hong Kong-based company advancing digital property rights for gaming and the open metaverse.

Animoca Brands said in a statement on Thursday that it has made a strategic investment into Param Labs, strengthening the two companies’ existing partnership to accelerate the development of Param Labs’ scalable Web3 infrastructure and expand its ecosystem, which boasts over 50 IP partnerships with notable brands such as GameStop, Pudgy Penguins, Mocaverse, and more.

According to the statement, Param Labs is focused on developing video games and infrastructure to power the next generation of gaming.

It is noted that Kiraverse, the flagship Web3 multiplayer third-person shooter game developed by Param Labs, offers players the opportunity to compete, earn, and trade digital assets like characters and skins.

It is designed to promote digital ownership and user-generated value, leveraging Param Labs’ innovative technology.

Param Labs is also actively constructing technology to equip developers with the necessary tools they need to effortlessly elevate their users’ blockchain based experiences, ensuring seamless interaction for gamers across the globe.

Additionally, its Pixel-to-Poly service enables users to transform 2D images into 3D playable in-game characters, compatible with Kiraverse as well as popular Web2 titles including Grand Theft Auto V and Fortnite.

With a strong focus on esports, Param Labs has also partnered with major esports organisations worldwide to promote Web3 ecosystem growth around gaming, and is gearing up for a token launch that will serve as an ecosystem token for its upcoming games and infrastructure.

“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,” said Yat Siu, Co-founder and Executive Chairman of Animoca Brands.

Anthony Anderson, Founder and Chief Executive Officer of Param Labs and Kiraverse, emphasized the importance of the strategic investment and partnership with Animoca Brands.

According to him, this investment marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape.

“Our vision is aligned with that of Animoca Brands and we’re thrilled to collaborate on the creation of valuable products at the forefront of gaming’s innovative shift to digital ownership,

“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,” he added.

According to the statement, the investment in Param Labs announced on Thursday further expands the presence of Animoca Brands in the Middle East and North Africa (MENA), 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 is a firm leveraging artificial intelligence and blockchain technologies to advance the rapidly growing gaming industry.

Animoca Brands is a Web3 firm that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse.