Please replace the release dated April 15, 2024 with the following corrected version due to multiple revisions.

The updated release reads:

EX-ACTIVISION BLIZZARD CONSUMER PRODUCTS PRESIDENT STEVE YOUNG JOINS WEB3 GAME COMPANY PARAM LABS

Blockchain game and technology development studio Param Labs has appointed Steve Young, the former President of Consumer Products at Activision Blizzard, to the board after its recent success with $4 million in revenue over the past eleven months.

Young has spent more than 25 years in consumer products and gaming, initially starting with Unilever Group, leading the growth of its personal care brands such as Suave and Vaseline Intensive Care.

Young has deep experience in growing and managing businesses. He joined the Unilever Group in 1992 in the sales and category management division before becoming a senior brand marketing manager. Unilever grew to become one of the largest fast-moving consumer goods companies, with operations in over 60 countries by 2002. Young was responsible for guiding brand strategy and ongoing management of marketing initiatives. He was responsible for total annual revenues of over $180 million and delivered business plans and full product P&L delivery, including sales and marketing budgets of over $40 million.

Young, who stepped down from his role at Unilever in 2005, joined Activision Blizzard, developing retail programming for its most prominent brands, such as Spider-Man, Call of Duty and more, with over $75 million in budget responsibility for marketing activities. He grew into the role over the next 14 years to become the president of the consumer products group at Activision and chief revenue officer, leading Activision's global commercial teams, responsible for worldwide digital and retail software sales with total revenue responsibilities of over $2.8 billion.

In a statement, Young admits having a deep and innate love for technology and gaming, which led him to join Param Labs and its game Kiraverse to help the company increase the digital adoption of blockchain technology and its games within broader audiences.

Param Labs is an independent game development studio focusing on blockchain gaming and innovative technology development. The company's flagship title, Kiraverse, is an open-world action shooter similar to Fortnite or PUBG, with the ability to import NFTs from any collection on the market or game genre for a unique, cross-IP and cross-ecosystem experience. The game has generated over $4 million in revenue over the past 11 months while also announcing a strategic partnership with Loud GG led by YouTuber Bruno 'Playhard' Bittencourt.

Within its infrastructure sits Pixel-to-Poly, a model which transforms 2D assets into high-quality, game-ready 3D characters that cost $199 each. Param Labs and its Kiraverse recently partnered with major brands such as GameStop and its NFTs to bring 'Buck-the-Bunny' to life in Kiraverse via Pixel-to-Poly. The company also reported having custom characters for web3 gaming company Immutable X and brought NFT projects such as Pudgy Penguins to life in its game.

Kiraverse experienced annual growth of 100% for the last couple of years, selling over 30,000+ NFTs with over $1.5 million in revenues and more than $8 million in trading volume generated the previous year on NFT marketplaces. The Kiraverse game sits in its beta phase. Emphasising scale and swift expansion are critical objectives for our business and its profitability, founder and CEO Anthony Anderson explained in a statement.

The tech startup has received backing and investment from various companies, such as the Abu Dhabi Government, Animoca Brands, Immutable X and more. It has already distributed more than $1 million in value to its NFT holders via tradable skins as of Q1 2024.

As for Steve, the company's growth and penetration into mainstream gamers remains paramount now that he's joined the company's board, as he noted in a statement: drawing on his experience from Activision Blizzard and the Unilever Group, with expertise and network to help with user acquisition, game development and revenue generation strategies, and acting as a sounding board to the executive team.

About Param Labs

Param Labs is at the forefront of leveraging artificial intelligence and blockchain technologies to advance the rapidly growing US$200B+ gaming industry. By addressing some of the most significant challenges believed to limit the sector's long-term growth, Param Labs is setting new standards for innovation and user engagement. Its ecosystem is crafted to provide gamers with digital ownership over their gaming assets, and to enable the creation of user-generated value across their experiences. With a keen focus on solving apparent issues in the gaming world, Param Labs designs products that not only aim to seamlessly integrate millions of new users into the benefits of Web3 technology but also to empower individual creators and studios. The team is dedicated to developing the necessary tools for effortlessly utilizing the advantages of emerging technologies, paving the way for the future of the gaming industry. Through its efforts, Param Labs is positioned as a pivotal player in transforming how gamers interact with digital content, promoting a more inclusive and dynamic gaming environment. Param’s team boasts experienced professionals from renowned companies such as Activision, EA, and Ubisoft, as well as world-renowned artists Antoni and Marc Tudisco behind the game and character designs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240415750833/en/

Param Labs
Media:
Sofia Quiroga Lobo
Contact@paramlabs.io

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