According to Param Labs’ CEO, the largest obstacle to broad adoption is the absence of Web3 gaming infrastructure.
Param Labs, a creator of gaming infrastructure, has completed an investment round that was “substantially oversubscribed,” raising $7 million.
Animoca Brands, a crypto VC firm, led the $7 million round for the modular gaming ecosystem. Other investment firms that participated included Cypher Capital, Delphi Ventures, Mechanism Capital, Double Peak Group, MH Ventures, P2 Ventures (previously Polygon Ventures), and TRGC Capital.
One of the biggest problems with Web3 gaming is the absence of a solid foundation, and this money will help fix that. Anthony Anderson, CEO of Param Labs and Kiraverse, has said that modular gaming ecosystems such as Param would play a vital role in establishing the framework for the next Web3 game creation.
As Anderson explained to Cointelegraph: “Modular ecosystems provide a wide range of goods and components, in contrast to the majority of Web3 companies that concentrate on creating individual game titles. As a result, programmers may use these modules to create their own games, and other programmers can use them as building blocks for their own projects.”
Prior to this fundraising round, the Param Gaming Platform had substantial growth, surpassing 300,000 DAUs (daily active users). With over 2.5 million followers, the protocol’s X page is well-established before the financing round.
The protocol has received significant funding from Yat Siu, co-founder of Animoca Labs, and Banks, creator of Face Clan. Param Labs, says Yat Siu, might be the key to making a fully open metaverse a reality. Author Siu stated:
“We’re thrilled to be working with Param Labs to promote gaming’s intellectual property rights and get closer to our goal of a fully open metaverse. By working together, we can achieve our common goal of reshaping the gaming industry so that players may claim ownership of their virtual possessions.”
According to Anderson, one of the key obstacles to widespread adoption is the absence of a Web3 gaming infrastructure, which makes it impossible for developers to integrate blockchain technology:
“Emphasizing infrastructure is vital because it can solve problems in our games and perhaps hundreds—if not thousands—of other experiences. This is going to be a huge help in getting blockchain gaming adopted.”
After Nick Greenawalt, creator of the game Wanderers, cynically called the game “the future of gaming” in a May 15 X post, the absence of a blockchain gaming infrastructure became even more obvious this week.
A MetaMask wallet popup appears every few seconds to record every shot on-chain, interrupting the gaming every few seconds. Despite the video’s humorous tone and lack of authenticity as a teaser, it does highlight the need of a smooth gaming infrastructure.
Param Labs’ Anderson argues that in order for Web3 games to become really everywhere, they must seamlessly integrate crypto assets and Web3 technology, avoiding any disruptive friction points:
“Gamers should be able to experience the benefits of features like exchanging assets with friends and monetizing their in-game time, all while seamlessly interacting with on-chain assets.”
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