Cryptocurrencies

Param Labs, a gaming infrastructure developer, has raised $7

Param Labs, a gaming infrastructure developer, has raised $7 million in a “significantly oversubscribed” investment round.

The $7 million Parametric Gaming Ecosystem round was led by crypto venture capital (VC) 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 the most pressing shortcomings of Web3 gaming – the lack of basic infrastructure. Modular gaming systems like Param will be crucial in laying the foundation for the next generation of Web3 games, 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 build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.

The funding round precedes significant growth for the Param Gaming platform, which recently surpassed 300,000 daily active users (DAUs). Protocol’s X page also crossed the 2.5 million follower mark ahead of the investment round.

Animoca Labs co-founder Yat Siu and Face Clan Banks founder 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 games, bringing us one step closer to realizing the vision of a truly open Metaverse. This collaboration is in line with our shared vision to redefine the gaming landscape, ensuring that gamers 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, which is one of the biggest challenges to mainstream adoption, according to Anderson:

“Focusing on infrastructure is critical because it not only addresses the challenges in the games we develop, but 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. attack.

The video shows gameplay pausing every few seconds as the MetaMask wallet pops up to record every shot on the chain. While the video was seen as a satirical post, rather than a real preview, it demonstrates the need for seamless gaming infrastructure.

source: Nick Greenwalt

To achieve true mainstream adoption, Web3 games need to 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 still benefiting from features like trading assets with friends and monetizing their time in-game.”

Related: Cryptocurrency Trader Turns $3K into $46M in One Month as PEPE Prices Rise

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