Animoca Brands, which is already investing heavily in cryptocurrency video game projects, announced that it led a $7 million round in gaming platform Param Labs.
It is headquartered in the United Arab Emirates, Param Labs boasts a fairly strong online community. The company said it was more than that. 2.5 million followers across X’s pages and 500,000 Discord users; According to the statement. According to Param Labs, the platform has 300,000 daily active users.
“This collaboration is consistent with our shared vision of redefining the gaming experience to ensure gamers are the true owners of their digital assets,” Yat Siu, co-founder and chairman of Animoca Brands, said in a statement. Siu also made a “strategic investment” in Param Labs, according to the statement.
Including other participating investors Delphi Ventures and Cypher Capital.
Param Labs aims to build a managed gaming ecosystem through its upcoming native PARAM token, the company also said. The company’s first game, “Kiraverse,” is a play-to-earn multiplayer shooter.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.