Param Labs receives $7M funding round led by Animoca Brands

Param Labs, a gaming infrastructure developer, recently secured $7 million in funding in an investment round that was highly oversubscribed. The round was led by Animoca Brands, a crypto venture capital firm, and saw participation from other investment firms such as Delphi Ventures, Cypher Capital, and Mechanism Capital. The funds will be used to address a major issue in Web3 gaming, which is the lack of underlying infrastructure. Modular gaming ecosystems like Param are crucial in laying the foundation for the next generation of Web3 games, according to Anthony Anderson, CEO of Param Labs. The company’s gaming platform has experienced significant growth, with over 300,000 daily active users and more than 2.5 million followers on its X page. Strategic investments were also made by Animoca Labs co-founder Yat Siu and Face Clan founder Banks, who believe that Param Labs can help realize the vision of an open metaverse. The lack of Web3 gaming infrastructure has been a major challenge for mainstream adoption, as it makes blockchain integrations difficult for developers. This was evident in a recent game preview by Wanderers founder Nick Greenawalt, where the gameplay was interrupted by MetaMask wallet prompts. To achieve true mainstream adoption, Web3 games need to seamlessly incorporate crypto assets and Web3 technology, without any friction points, according to Anderson.