Quick take:
- Animoca Brands has taken a majority stake in Pixelynx.
- The music and gaming metaverse company is developing a digital and physical ecosystem for artists.
- The platform aims to give artists control over how they build experiences with fans and partners.
Animoca Brands is expanding its metaverse ecosystem deep into the world of music and entertainment. The company has acquired a majority stake in the music and gaming metaverse platform Pixelynx.
Pixelynx is developing an ecosystem that blurs the lines between the physical and digital worlds of entertainment. The company is creating a platform that will hand artists control over how they build experiences with fans, partners and platforms.
The decentralised platform is built on web3, a next-gen blockchain-based internet that prioritises community ownership and trustless communications. The user-centric platform gives musicians new options to develop, share, and monetise their music.
Animoca Brands is taking a majority stake in the company to help accelerate its user onboarding campaign and integrate with gaming and Web3 technologies and communities.
Commenting on Animoca Brands’ majority stake in his company, Pixelync CEO Inder Phull said: “Animoca Brands has established itself as a dominant player in building the shared vision of an open metaverse. This deal marks the beginning of a new era in the music industry in which Web3, gaming, and transmedia content will unlock new formats, revenue streams, and business models that support artists, fans, and labels.”
This is not Animoca’s first investment in Pixelynx, the metaverse and gaming IP campaign leader in 2021 led the company’s seed funding round that also attracted participation from Solana Ventures, Alumni Ventures Blockchain Fund, Hyperedge Capital, Republic Realm, Sfermion, among others.
Pixelynx will leverage Animoca Brands’ rich portfolio of gaming and metaverse talent and leadership to help bring user-generated content to the music metaverse. With a 2022 Goldman Sachs report predicting the music industry to reach a market value of about $131 billion by 2030, Animoca Brands and Pixelynx see a strategic opportunity amid the rapid adoption of immersive experiences.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “PIXELYNX is one of the new wave of companies that are paving novel pathways for the music industry amid a major technological shift from centralized to decentralized ownership. We are thrilled to welcome PIXELYNX to the growing family of Animoca Brands and we look forward to helping to shape the forefront of the music industry while building new and innovative experiences for people around the world.”
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