TLDR:
Animoca Brands led a $7 million funding round for Param Labs to address the lack of infrastructure in Web3 gaming. This funding will help Param Labs develop modular gaming ecosystems and lay the groundwork for the next generation of Web3 games.
Param Labs, a gaming infrastructure developer, raised $7 million in a funding round led by Animoca Brands. Other investment firms also participated in the round, which was significantly oversubscribed.
The funding will be used to address the lack of underlying infrastructure in Web3 gaming, which is a major hurdle for mainstream adoption. Param Labs’ modular gaming ecosystems will enable developers to build games from various components and tools.
The Param Gaming Platform has experienced significant growth, with over 300,000 daily active users and 2.5 million followers on its X page. Strategic investments from Animoca Labs co-founder Yat Siu and Face Clan founder Banks highlight the potential of Param Labs in advancing digital property rights and the open metaverse vision.
Web3 gaming requires seamless infrastructure to incorporate crypto assets and technology without friction points. The lack of such infrastructure was evident in a recent game preview, highlighting the need for a more integrated approach to blockchain gaming.
