Param Labs Raises $7 Million to Revolutionize Web3 Gaming Infrastructure

Gaming infrastructure developer Param Labs has secured $7 million in a heavily oversubscribed funding round.

Led by crypto venture capital firm Animoca Brands, the round also saw participation from Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures.

The funds will tackle one of Web3 gaming’s biggest challenges: the lack of foundational infrastructure.

Anthony Anderson, CEO of Param Labs and Kiraverse, emphasized the importance of modular gaming ecosystems in establishing the foundation for future Web3 games.

Anderson told Cointelegraph, “Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components.

This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.”

The funding round comes as the Param Gaming Platform experiences significant growth, boasting over 300,000 daily active users (DAUs) and a X page with more than 2.5 million followers.

Strategic investments were also made by Animoca Labs co-founder Yat Siu and FaZe Clan founder Banks.

Yat Siu highlighted the potential of Param Labs in realizing an open metaverse, stating, “We’re excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse.

READ MORE: FTX Bankruptcy Update: Major Claim Transferred to Single Creditor, Simplifying Case but Risking Smaller Parties

This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets.”

The absence of Web3 gaming infrastructure poses significant hurdles for blockchain integration, hindering mainstream adoption.

Anderson remarked, “Focusing on infrastructure is crucial as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences.

This will significantly contribute to the adoption of blockchain gaming.”

This issue was highlighted by Wanderers game founder Nick Greenawalt, who shared a gameplay preview ironically dubbing it “the future of gaming.”

The video, showing gameplay interrupted by MetaMask wallet prompts, underscored the need for seamless gaming infrastructure.

Anderson concluded that for mainstream adoption, Web3 games must integrate crypto assets and Web3 technology organically, avoiding friction points.

“Gamers should be able to interact with on-chain assets without even realizing it, while still benefiting from features like trading assets with friends and monetizing their in-game time,” he said.

To submit a crypto press release (PR), send an email to [email protected].