Param Labs is making significant strides in the blockchain gaming and play-to-earn space with the introduction of its $PARAM token. This article provides an overview of the $PARAM token claim process, the innovative staking mechanism, and the first-ever platform mint, highlighting how these features enhance the gaming experience and provide value to the community.
Param Labs Cover Art
More About Param Labs?
Param Labs is an independent game and infrastructure development company dedicated to creating immersive and innovative gaming experiences. Recently, Param Labs secured $7 million in funding during an investment round led by Animoca Brands, with contributions from notable VCs such as Delphi Ventures and Mechanism Capital.
The investment reflects the company's ecosystem growth, recently crossing over 2,500,000 Twitter followers across all their pages, 500,000 discord users, and even 300,000 DAU on the Param Gaming Platform — one of the many milestones it has achieved in the last 24 months.
Param Labs Secured $7 Million
Over $4 Million in Revenue in 18 Months
Param Labs has already shipped three products into Beta over the past year, their first game Kiraverse, the Param Labs Game Launcher, and Pixel to Poly, receiving extremely positive feedback from users across the globe.
Param Labs also reported generating over $4 million in revenue over the past 18 months from Kiraverse skins sales, and revenue from its flagship Pixel-to-Poly service, a unique service that converts 2D images into 3D game-ready avatars seamlessly for users.
Kiraverse Cover Art
Top Tier Partners and IPs
Param Labs has also incorporated multiple web3 personalities such as the co-founder of Immutable X Robbie Ferguson within its Kiraverse game. The company has thus incorporated 50+ IP partnerships within its ecosystem, with brands such as Pudgy Penguins, Neo Tokyo, Animoca Brands' Mocaverse, and Pixelmon, as well as retail giants such as GameStop and more.
Beyond Pixel-to-Poly and its Kiraverse game, the company aims to host a series of infrastructures including its own ZK EVM-compatible layer 2 / layer 3 blockchain, built on Ethereum.
Kiraverse Logo
Token Claim Process
Claim Details:
- Genesis Holders: 1% of the total $PARAM supply is reserved for 2,350 Kira Genesis Holders. The amount each holder can claim is based on the rarity and tier of their Genesis asset. If a Genesis asset is sold, the new owner can claim the remaining $PARAM.
- Param Point Earners: 2% of the $PARAM supply is allocated to Param Point earners. This allocation is based on multiple snapshots taken on May 23rd, May 26th, and May 28th, identifying 544,139 eligible accounts.
Vesting Schedules:
- Genesis Holders: 25% of tokens unlock at the Token Generation Event (TGE), with the remainder vesting over 12 months.
- Param Point Earners:Recipients of 100 $PARAM or less have 100% of their tokens unlocked at TGE.Recipients of more than 100 $PARAM have 50% unlocked at TGE, with the rest vested over 12 months.
- Recipients of 100 $PARAM or less have 100% of their tokens unlocked at TGE.
- Recipients of more than 100 $PARAM have 50% unlocked at TGE, with the rest vested over 12 months.
How to Claim:
- Genesis Holders: Connect to the claiming platform using the wallet holding their Kira Genesis asset(s).
- Param Point Earners: Check eligibility and claim $PARAM using the wallet submitted on the Param Gaming platform.
$PARAM Token Now Live
Staking Mechanics
Param Labs has also introduced a staking feature for $PARAM holders, enabling them to earn Partner Points. These points are redeemable for token allocations from other projects within the Param ecosystem, enhancing the value and utility of $PARAM.
Staking Details:
- Token holders stake their $PARAM to earn non-tradable, non-transferable Partner Points weekly.
- Partner Points can be redeemed for tokens from partner projects, reducing the supply of Partner Points permanently.
- The system is tiered, rewarding more points for higher amounts of $PARAM staked.
- Unstaking $PARAM forfeits accumulated Partner Points but retains the staked $PARAM.
Kiraverse Game Art
First Mint for Exclusive Gaming NFTs
The $PARAM Launchpad has gone live, offering users the chance to mint exclusive gaming NFTs. The inaugural asset is a unique Chronic skin, marking Chronic's first digital asset.
Mint Details:
- Supply: 500 units
- Price: 333 $PARAM
- Date: June 5th, 11 AM EST
- Location: Param Launchpad
Kiraverse Character Art
Final Thoughts
Param Labs continues to innovate in blockchain gaming, combining a robust token economy with engaging staking mechanisms and exclusive NFTs. The strong community support, with over a million registrations and active participation, sets a bright future for Param Labs and the $PARAM ecosystem. For more information check the official company X account here.
