Quick take:
- Animoca Brands Japan has invested JP¥100 million ~$780k in Psychic VR Lab.
- The Japan-based XR startup raised JP¥1 billion ~$7.8 million in December.
- Psychic VR Lab operates “STYLY” an XR creative platform used by more than 50,000 artists globally.
Animoca Brands Japan, a blockchain investment subsidiary of Animoca Brands has invested JP¥100 million ~$780k in Psychic VR Lab. The investment is part of the Japanese extended reality (XR) company’s JP¥1 billion ~$7.8 million funding round raised in December 2022.
This is not the first time Animoca Brands Japan has backed Psychic VR Lab. In June last year, the two companies announced a collaboration for an urban-linked XR NFT art exhibition at NFT NYC.
Psychic VR is the leader in XR experiences in Japan. The company operates STYLY, an XR creative platform used by more than 50,000 artists worldwide. According to the press release on Friday, STYLY’s viewer app has been downloaded more than 5 million times.
In the June 2022 collaboration, STYLY, Animoca Brands Japan, UCOLLEX and MADWORLD showcased the XR startup’s technology that enables XR art to be overlaid in real space creating immersive experiences with a smartphone and selling digital XR art as NFT.
This investment accelerates Animoca Brands’ mission in Japan of building a web3 ecosystem through partnerships.
Commenting on the investment, Kyoya Okazawa, the co-founder of Animoca Brands Japan said: “Looking ahead, the possibilities of real space will be expanded by XR technology, and the value of all urban spaces such as buildings’ atriums and parks will increase with the addition of virtual versions. It will be possible to bring media and entertainment attributes into these spaces. Through this partnership, we will create new economic opportunities on these digital twins by connecting them with Animoca Brands’ global Web3 ecosystem of over 400 companies, and leverage content from our partner IP holders.”
On the other hand, Masahiro Yamaguchi, the CEO of Psychic VR Lab sees this investment from Animoca Brands Japan as an opportunity to accelerate the company’s strategy of creating the “Real Metaverse” through its leading metaverse platform “STYLY”.
“We believe that the evolution of technology in the XR / Web3 field will not only change the structure of modern society, but will also fundamentally change people’s lifestyles as a movement of world creation in the history of mankind. We hope to play a great role in this major turning point of history,” added Yamaguchi.
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