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Param Labs and Animoca Brands Strengthen Partnership
Param Labs, a pioneering gaming infrastructure startup based in the UAE, and Animoca Brands, an advocate for digital property rights in the gaming industry and the open metaverse, have announced a strategic investment by Animoca Brands into Param Labs.
Alliance for Web3 Ecosystem Development
The Param Labs-Animoca Brands alliance aims to enhance the development of the Web3 ecosystem. Param Labs boasts a portfolio of over 50 intellectual property collaborations with prominent entities like GameStop, Pudgy Penguins, and Mocaverse. Their focus is on creating video games and infrastructure to empower the next generation of gamers. Notably, their Web3 online third-person shooter game, Kiraverse, enables users to compete, earn, and trade digital assets such as characters and skins.
Encouraging User-Generated Value and Digital Ownership
Kiraverse’s development is centered around promoting user-generated value and digital ownership. Powered by Param Labs’ cutting-edge technology, the game also offers the Pixel to Poly service. This tool allows users to convert 2D images into 3D in-game characters and is compatible with popular Web2 games like Fortnite and Grand Theft Auto V.
Empowering Developers and Esports Organizations
Param Labs has collaborated with esports organizations globally to foster Web3 framework growth in gaming, with esports being a key focus. They are preparing to launch a token that will serve as an ecosystem token for their upcoming games and infrastructure.
Shared Vision for Web3 Development
Yat Siu, executive chairman and co-founder of Animoca Brands, expressed excitement about the partnership with Param Labs. Both companies share a vision of advancing digital property rights in the open metaverse and driving Web3 development in the MENA region through shared network effects.
Founder and CEO of Param Labs and Kiraverse, Anthony Anderson, highlighted the significance of the partnership with Animoca Brands. He sees this investment as a significant milestone for Param Labs’ ecosystem and the broader Web3 gaming sector.
Future Plans for Expansion
Param Labs will utilize the new funds to expand their products, enhance their ecosystem, and engage with the community. Meanwhile, Animoca Brands plans to extend its presence in the MENA region through collaborations with NEOM and King Abdulaziz City for Science and Technology to establish a Web3 center in Riyadh.
Utilizing AI and Blockchain for Gaming Innovation
Param Labs is at the forefront of using artificial intelligence and blockchain technology to support the rapidly growing multibillion-dollar gaming industry. Their commitment to user engagement and innovation sets a new standard in the era of digitalization.
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