Param Labs, a leading gaming infrastructure startup based in the UAE, and Animoca Brands, an advocate for digital property rights in gaming and the open metaverse, have announced today that Animoca Brands has deepened their partnership by making a strategic investment in Param Labs.

The collaboration between Param Labs and Animoca Brands aims to advance the development of the Web3 ecosystem. With over 50 IP collaborations with renowned entities such as GameStop, Pudgy Penguins, and Mocaverse, Param Labs is fully committed to crafting video games and infrastructure that empower the next generation of gamers. One of their flagship projects, Kiraverse, is a Web3 online third-person shooter game that enables users to compete, earn, and trade digital assets like characters and skins.

Kiraverse is designed to promote user-generated value and digital ownership, powered by Param Labs' cutting-edge technology. Their Pixel to Poly service allows users to transform 2D images into in-game 3D characters, compatible with popular Web2 games like Fortnite and Grand Theft Auto V, as well as Kiraverse.

Param Labs has also collaborated with major global esports organizations to foster Web3 framework development in gaming, with esports being their primary focus. They are nearing the launch of a token that will serve as the ecosystem token for their upcoming games and infrastructure.

Yat Siu, executive chairman and co-founder of Animoca Brands, expressed excitement about the partnership, highlighting their investment in Param Labs as a step towards promoting digital property rights in the open metaverse and driving Web3 development in the MENA region. Both Animoca Brands and Param Labs share a common goal of revolutionizing the gaming industry and the open metaverse through collaborative network effects.

Anthony Anderson, founder and CEO of Param Labs and Kiraverse, emphasized the significance of the partnership and Animoca Brands' strategic investment. He sees this investment as a significant milestone for advancing Param Lab's ecosystem and the broader Web3 gaming landscape.

Param Labs plans to utilize the new funds to expand its products, scale its ecosystem, and engage with the community. Meanwhile, Animoca Brands will expand its presence in MENA through partnerships with NEOM and King Abdulaziz City for Science and Technology to establish a Web3 center in Riyadh.

Param Labs is at the forefront of leveraging artificial intelligence and blockchain technology to revolutionize the gaming industry, setting a new standard for user engagement and innovation in the digital age.