As an analyst with a background in the gaming industry and blockchain technology, I believe that Param Labs’ $7 million funding round is a significant step forward for Web3 gaming infrastructure. The involvement of reputable crypto venture capital firms and investment groups underscores the potential of modular gaming ecosystems like Param to address one of the most pressing challenges in Web3 gaming: the lack of underlying infrastructure.
As a financial analyst, I’m excited to share that Param Labs, a leading gaming infrastructure developer, successfully secured $7 million through an “oversubscribed” investment round. This means that the demand for investing in their company surpassed the available funding during this fundraising event.
As a researcher examining the latest developments in the modular gaming ecosystem, I can share that Animoca Brands, a prominent crypto venture capital firm, spearheaded its $7 million funding round. Notable investment firms, such as Delphi Ventures, Cypher Capital, P2 Ventures (previously Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, and MH Ventures, also joined in this exciting investment opportunity.
As a crypto investor, I can tell you that the funds raised will play a pivotal role in tackling one of the major issues plaguing Web3 gaming: the absence of a robust underlying infrastructure. In my opinion, modular gaming ecosystems such as Param are essential for establishing the foundation of future Web3 games. According to Anthony Anderson, CEO of Param Labs and Kiraverse, this approach will be instrumental in shaping the next era of Web3 gaming.
Anderson told CryptoMoon:
“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.”
As a crypto investor, I’m excited to share that the funding round for Param Gaming Platform is coming up, and this development precedes some significant growth for the platform. Recently, we hit a milestone of over 300,000 daily active users (DAUs). Moreover, the community around Param Gaming Protocol’s X page has grown to over 2.5 million followers before the investment round even begins. This growth is a testament to the platform’s potential and the increasing demand for its offerings.
The founders of Animoca Labs, Yat Siu, and Face Clan, Banks, have made significant investments in the Param Labs protocol. In Yat Siu’s perspective, this innovation could bring to life the dream of a genuinely open metaverse. He expressed this thought in writing:
“We’re excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse. This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets.”
Web3 gaming needs infrastructure for mainstream adoption
According to Anderson, the absence of well-established Web3 gaming infrastructure poses a significant challenge for developers looking to integrate blockchain technology. This issue is a major hurdle towards achieving mainstream adoption.
“Focusing on infrastructure is crucial as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.”
This week, the scarcity of blockchain gaming infrastructure was highlighted further when Nick Greenawalt, founder of Wanderers game, unveiled a sneak peek of his creation and labeled it as “the future of gaming” in a post on May 15th.
In natural and easy-to-read language: The video depicts interruptions in gameplay occurring frequently due to MetaMask wallet prompts appearing on-screen. While this video was perceived as humorous rather than an accurate representation, it underscores the importance of a smooth gaming infrastructure.
As a game analysis expert at Param Labs, I believe that for Web3 games to truly gain widespread acceptance among the masses, it’s essential that we seamlessly integrate crypto assets and Web3 technology into their design. Friction points that disrupt the user experience should be avoided at all costs to ensure a smooth transition for players.
“Gamers 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 in-game time.”
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2024-05-16 17:25