Animoca Brands, a major investor in crypto gaming projects, led a $7 million funding round for the UAE-based gaming platform Param Labs.

Param Labs has a strong online presence with over 2.5 million followers on X and 500,000 Discord users, and reports 300,000 daily active users.

"This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets," said Animoca Brands co-founder and executive chairman Yat Siu, who also made a strategic investment in Param Labs.

Other investors included Delphi Ventures and Cypher Capital. Param Labs plans to develop a gaming ecosystem governed by its native PARAM token and will soon launch its first game, "Kiraverse," a play-to-earn, multiplayer shooter.