UAE’s Param Labs shapes future of Web3 gaming

Lea Hogg May 14, 2024

SiGMA news

UAE’s Param Labs shapes future of Web3 gaming

Param Labs, a gaming infrastructure startup based in the United Arab Emirates, has recently secured a strategic investment from Animoca Brands, a Hong Kong-based pioneer in digital property rights for gaming and the open metaverse. This investment not only strengthens their existing partnership but also fuels the development of Param Labs’ scalable Web3 infrastructure, thereby expanding its ecosystem.

“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.”
Anthony Anderson, Founder and CEO – Param Labs

Param Labs is at the forefront of developing video games and infrastructure to power the next generation of gaming. Their flagship Web3 multiplayer third-person shooter game, Kiraverse, offers players a unique opportunity to compete, earn, and trade digital assets like characters and skins. This game is designed to promote digital ownership and user-generated value, leveraging Param Labs’ innovative technology.

In addition to game development, Param Labs is actively constructing technology to equip developers with the necessary tools they need to elevate their users’ blockchain-based experiences. This ensures seamless interaction for gamers across the globe, thereby impacting gaming technology and infrastructure significantly.

One of their innovative services, Pixel-to-Poly, enables users to transform 2D images into 3D playable in-game characters. These characters are compatible with Kiraverse as well as popular Web2 titles including Grand Theft Auto V and Fortnite.

Elevating esports through technological advancements

Param Labs is also making strides in the esports arena. They have partnered with major esports organisations worldwide to promote Web3 ecosystem growth around gaming. They are also preparing for a token launch that will serve as an ecosystem token for its upcoming games and infrastructure.

This strategic investment and partnership with Animoca Brands marks a significant milestone for Param Labs’ ecosystem development and the broader Web3 gaming landscape.

The investment in Param Labs 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.

Both Param Labs and Animoca Brands are leveraging artificial intelligence and blockchain technologies to advance the rapidly growing gaming industry, thereby helping to establish the open metaverse. This partnership is set to redefine the gaming landscape and bring about a new era in the world of gaming.