Param (PARAM): A Modular Interconnected Web3 Gaming Ecosystem
Web3 gaming via blockchain technology has continued to open new opportunities for the multibillion dollar gaming industry. However, the web3 gaming niche is still struggling to scale to its full potential because of a lack of adequate and efficient platforms, as well as infrastructure to build and transact when gaming.
Param aims to provide a dynamic and engaging ecosystem where gaming enthusiasts and developers can derive value securely and cheaply. Participants can access innovative developer tools and enhance their gaming experience.
Let’s explore the Param world further.
Key Takeaways:
Param Labs provides a modular approach to gaming by providing an interoperable infrastructure to create and build exciting games.
With products such as native NFTs, the Kiraverse game and the Pixel to Poly service, Param is on track to make gaming fun, immersive and highly personalized.
PARAM is the native token of Param Labs. Its utilities include NFT drops, paying transaction fees and staking to earn airdrops.
What Is Param Labs?
Param Labs is a modular web3 gaming ecosystem designed to provide gamers and developers with a vast entertainment ecosystem, complete with innovative tools to enhance and derive value from their gaming experience.
Param Labs is a UAE-based gaming company that seeks to revolutionize web3 gaming as we know it, and help scale the niche to reach millions of users. The company already has a user base of over 1 million and strategic partnerships with major gaming industry players, such as Animoca Brands. Param Labs has also integrated over 50 unique IPs into its ecosystem from notable gaming brands like GameStop, Pudgy Penguins and Imaginary Ones.
Its modular gaming ecosystem is based on five core pillars: Experiences, Infrastructure, Param L2/L3 blockchain, Governance and the PARAM utility token, which is crafted to accrue value for platform users.
How Does Param Work?
At the core of Param’s operations is the Param Mainnet, which is powered by Ethereum. It’s designed to integrate a modular technology stack that interconnects the project’s robust web3 gaming ecosystem. The key components of Param’s modular structure are as follows.
Ethereum-Based Settlement Layer
To validate transactions, Param relies on Ethereum, which has a robust and secure infrastructure to execute transactions. The PARAM token is used to pay for transactions on the Param network.
Execution Environment
Param’s mainnet runs on the Ethereum virtual machine (EVM), which makes it compatible with a wide range of Ethereum DApps. Furthermore, Param provides an infrastructure for Layer 3 chains to deploy other virtual machines, such as Move and Solana Virtual Machine (SVM), which adds to the platform's diversification and possibilities.
Execution of transactions on Param is cushioned against gas spikes through the Parallel Fee Market, a feature that allows parallel processing of transactions.
Data Availability
Param’s Mainnet has a specialized feature known as the Data Availability (DA) Layer, which helps optimize costs by providing an efficient and secure layer to store transaction costs. Some platforms being considered for the Param DA Layer include Polygon Avail, Celestia, EigenDA and Near.
Decentralized Sequencer Mechanism
Param is developing a decentralized sequencer mechanism that enables multiple actors to run the Param Mainnet. This will enhance decentralization and help shield platforms operating in the ecosystem from censorship and single points of failure. To participate in the sequencing mechanism, users will need to stake PARAM tokens, which adds to the token’s utility.
Param Gaming Products
At the core of Param’s vision is the Experiences pillar, which consists of an interface where gamers, creators and collectors can find innovative tools and products to enrich their gaming experience. Param’s gaming products include the following.
Kiraverse
Kiraverse is Param’s flagship free-to-play game, based on Fortnite. Players can immerse themselves in an action-packed shooter multiplayer environment with diverse game modes and gameplay. As a player, you can join a team and compete to earn collectibles, which you can trade or rent to other players.
Kiraverse offers players an unparalleled platform to customize their gaming experience in an IP-rich environment. They can even import custom IPs, including NFTs and avatars from different entertainment genres, to add to their gameplay.
A crucial component of the game is the Kiraverse Box, which consists of NFTs such as in-game credits, legendary weapon skins and character skins. The initial Kiraverse Box collection sold out in a matter of seconds on Magic Eden, but the NFTs are available for third-party trading on various other NFT marketplaces as well, such as Blur and OpenSea.
Pixel to Poly
Pixel to Poly is a Param product that helps you transform 2D images into interoperable high-quality 3D gaming assets that can be integrated with games such as Fortnite and GTA V, among others. Pixel to Poly’s design for 3D images has been simplified using cutting-edge tools, significantly slashing the production time.
Currently, Param's Pixel to Polyproduct focuses on character creation, but the team hopes to diversify into human replication and other asset varieties.
Native NFTs & IPs
As part of an enhanced gaming experience, Param also features native NFTs with varying utilities that users can incorporate into their gameplay. Param’s initial Kira Genesis NFT collection, consisting of 10,001 unique avatars, was created by renowned designers Antoni and Marc Tudisco.
Other NFTs available on Param include the following:
EVA & NATE — An art collaboration between GameStop and the Param team consisting of extraterrestrial explorers.
Hado Fusion — A 333-asset collection airdropped to EVA & NATE NFT holders.
Buck The Bunny — Playable avatars in Kiraverse created through a collaboration with GameStop (consists of Season I and Season II).
The Floating Tree — Consists of 1,000 assets airdropped to EVA & NATE NFT holders.
The Forgotten — Customizable playable avatar with 1,000 unique assets airdropped to The Floating Tree NFT holders.
What Is the PARAM Token?
PARAM is the native utility token of the Param ecosystem. It’s designed to power the platform’s revenue-sharing model, which involves token buybacks for products such as Pixel to Poly service, as well as in-game advertising and NFT transactions. The token buyback mechanism and Param Pools both incorporate a deflationary 5% fee on PARAM, enhancing its value.
PARAM’s utilities include:
Paying for Wager Matches on PARAM Pools
Staking to qualify for airdrops from partner projects and other rewards
Powering Param’s DAO, used for the platform’s governance
Paying gas fees across the network
PARAM has a finite total supply of 2 billion. The team expects that all the tokens will be in circulating supply within five years. PARAM’s token allocation is as shown below:
Additionally, you can earn Param Points, an off-chain soft currency on Param that can be used to claim various rewards, such as PARAM token airdrops and NFT airdrops, as well as the merch store. The more PARAM tokens you stake, the more Param Points you earn.
Where to Buy the PARAM Token
You can buy PARAM tokens on Bybit’s Spot trading terminal as a PARAM/USDT trading pair. To celebrate PARAM’s listing on Bybit, the platform is holding two events:
PARAM Launchpool – Stake PARAM, USDT or MNT tokens to earn a share of 20 million PARAM tokens. This event will run from May 29 to Jun 5, 2024. Bybit VIP users can earn additional APR rewards for participating.
PARAM Token Splash – Reserved for the first 1,000 new Bybit users, who will share in the 25,000 USDT prize pool. You’ll first need to complete the trading tasks listed on Bybit’s Token Splash page to earn a prize, capped at 1,000 USDT per user. This event will run from May 28 to Jun 11, 2024.
Closing Thoughts
Param is a project to watch because of its wholesome approach to web3 gaming. Param Labs is out to change how people game in the web3 space by combining emerging technologies with innovative tools. With in-demand NFTs and exciting games such as Kiraverse, Param is on track to provide next-generation gaming experiences to all.
Developers and creators can also leverage the platform’s innovative tools to build and run exciting games. By uniting unique IPs, Param is ensuring interoperability across the web3 gaming sphere.
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