Param Labs, a gaming infrastructure developer, has raised $7 million in a “significantly oversubscribed” investment round.
The $7 million round on the parametric gaming ecosystem was led by crypto venture capital firm Animoca Brands, with participation from investment firms including Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures ), Mechanism Capital and Merit Circle, TRGC Capital, and Double. Beck Group, MH Ventures.
The funding will be used to address one of Web3 gaming’s most pressing shortcomings: the lack of basic infrastructure. Modular gaming systems like Param will be crucial in laying the foundation for the next generation of Web3 gaming, according to Anthony Anderson, CEO of Param Labs and Kiraverse.
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 create their own games from these modules and provides essential tools that other developers can use and integrate into their projects.
The funding round comes ahead of significant growth for the Param Gaming platform, which recently surpassed 300,000 daily active users (DAU). The protocol’s Page X also crossed the 2.5 million subscriber mark ahead of the investment round.
Animoca Labs co-founder Yat Siu and Face Clan founder Banks have also made strategic investments in the protocol. According to Yat Siu, Param Labs can help bring the vision of truly open transformation to life. SEO wrote:
“We are excited to partner with Param Labs to advance digital equity in gaming, bringing us closer to realizing the vision of a truly open metaverse. This collaboration is in line with our shared vision of redefining the gaming landscape, ensuring that players are the true owners of their digital assets.
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Web3 games need infrastructure for mainstream adoption
The lack of infrastructure for Web3 games makes blockchain integration difficult for developers, posing one of the biggest challenges to widespread adoption, according to Anderson:
“Focusing on infrastructure is critical because not only does it address the challenges of the games we develop, but it also has the potential to be applied to hundreds, if not thousands, of other experiences. This will greatly contribute to the adoption of blockchain games.
The lack of blockchain gaming infrastructure became more apparent this week, after Wanderers founder Nick Greenwalt shared a preview of the game, ironically calling it “the future of gaming,” on May 15. email.
The video shows the game stopping every few seconds while the MetaMask wallet pops up to record each chain shot. Although the video was seen as a satirical article rather than a true insight, it demonstrates the need for transparent gaming infrastructure.
To achieve true mainstream adoption, Web3 games must integrate crypto assets and Web3 technology organically, without any annoying friction points, according to Param Labs’ Anderson:
“Players should be able to interact with on-chain assets without even realizing it, while enjoying features like trading assets with friends and monetizing their playtime.”
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