The absence of a solid foundation is one of the main problems with Web3 gaming, and this funding will help fix that.
A highly oversubscribed investment round netted $7 million for gaming technology provider Param Labs. Animoca Brands, a crypto venture capital company, led the round, which also included investment from Cypher Capital, Mechanism Capital, Delphi Ventures, Double Peak Group, MH Ventures, P2 Ventures (formerly Polygon Ventures), and TRGC Capital.
The absence of a solid foundation is one of the main problems with Web3 gaming, and this funding will help fix that.
In laying the groundwork for future Web3 games, Param Labs and Kiraverse CEO Anthony Anderson stressed the significance of modular gaming environments.
“Modular ecosystems provide a range of goods and components,” Anderson said to Cointelegraph, 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.
The Param Gaming Platform is now seeing tremendous growth, with over 300,000 daily active users (DAUs) and an X page with over 2.5 million followers. This expansion coincides with the investment round.
Yat Siu, co-founder of Animoca Labs, and Banks, creator of FaZe Clan, both made strategic investments. Yat Siu emphasised Param Labs’ potential in fulfilling the vision of a truly open metaverse, stating, “We are thrilled to collaborate with Param Labs to advance digital property rights in the gaming industry. This partnership brings us one step closer to realising our vision of a truly open metaverse.”
All parties involved are committed to reshaping the gaming industry so that players may claim ownership of their digital possessions, and this partnership is in line with that goal.
Blockchain integration faces major challenges because to the lack of Web3 gaming infrastructure, which is preventing its widespread implementation.
“Focusing on infrastructure is crucial,” Anderson said, adding that this approach might be useful for a wide variety of experiences beyond just the games they are working on.
This is going to be a huge help in getting blockchain gaming adopted. Nick Greenawalt, creator of the game Wanderers, brought attention to this problem when he posted a sneak peek at the game’s gameplay and jokingly called it “the future of gaming.”
Showing games cut short by prompts from the MetaMask wallet, the movie drove home the point that the gaming infrastructure must be completely frictionless.
Anderson came to the conclusion that in order for Web3 games to take off, they need to seamlessly include crypto assets with Web3 technology, without any obstacles.
“Gamers should be able to engage with on-chain assets without even realising it, while also profiting from features like swapping assets with friends and monetizing their in-game time,” he said.
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