Animoca Brands Acquires Majority Stake in Music Metaverse Gaming Company
With this latest acquisition, Animoca Brands looks to build infrastructure and ecosystems that will shape the future of the music industry.
Brands worldwide continue to invest huge funds in metaverse business ideas, with companies like Meta throwing billions of dollars into their metaverse investment. On December 6th, leading digital property rights company, Animoca Brands Corporation Limited announced that it had acquired a majority stake in music metaverse gaming platform Pixelynx, Inc. Animoca Brands, one of the leading crusaders of property rights in gaming and the open metaverse, acquired the stake through one of its subsidiaries.
PIXELYNX is a popular metaverse platform that combines gaming and music, offering users the best of both worlds in an immersive experience. The project is the brainchild of musicians, technologists, and veterans in the gaming and music industries. The company is based in Los Angeles and currently operates with offices in five countries.
PIXELYNX is building a physical and virtual ecosystem for artists and fans and building products that leverage the appeal of music, gaming, and a decentralized economy based on blockchain technology (Web3). The ecosystem will give artists control over the experiences they provide for their fans and partners and allow platforms to leverage new approaches to share and monetize creative works.
With PIXELYNX’s goal in focus, Animoca Brands has secured a majority stake in the company to invest in and build studios and other infrastructure that will form the core of the future of music and creative content. Animoca will also encourage the integration of music with gaming and Web3 protocols and communities as a vocal proponent of the Open Metaverse.
PIXELYNX’s investment arm, LynxLabs, will help bring its message to the industry by funding the next generation of entertainment ventures and offering access to support, artists, celebrities, and tokenonomics. Already, LynxLabs has invested in Oorbit and Volta XR. PIXELYNX also has a debut game on the horizon. It hopes to allow fans to share in the world of their favourite artists with exclusive content, collectibles, and an immersive gaming experience.
The game, ELYNXIR, is powered by Niantic Lightship Augmented Reality technology and will leverage geo-location to help players find region-exclusive content, artists, music, and experiences. ELYNXIR will allow fans to collaborate with their favourite artists or become influencers, investors, and art collectors.
Animoca Brands will integrate ELYNXIR into its ecosystem and increase the game’s open standards, interoperability, and interactive experience. With the global music revenue expected to hit $131 billion by 2030, according to Goldman Sachs, the stage is set for new formats of music and music-based experiences to unlock novel revenue opportunities across the industry.
Executives at both companies have already expressed their delight at the acquisition. Yat Siu, co-founder and executive chairman of Animoca Brands, commended PIXELYNX for its position as a game-changer in the music industry. He reiterated his company’s commitment to providing new experiences for music lovers worldwide.
According to Inder Phull, CEO of PIXELYNX, Animoca Brands is a well-established player in the metaverse business space. The PIXELYNX acquisition marks a new era for the music and metaverse industries. This is not Animoca Brands’ first investment in PIXELYNX. The company led a seed funding round in December 2021, joined by Solana Ventures, Hyperedge Capital, and others.