Animoca Brands acquires US-based music metaverse company Pixelynx

Pixelynx CEO Indian Phull

Hong Kong-based open metaverse company Animoca Brands has acquired a majority stake in music and games startup Pixelynx through its controlled subsidiary.

The transaction details remain secret.

Through this agreement, Animoca intends to build, invest in and acquire studios, infrastructure and technologies that will power the future of the music industry through integration with gaming and Web3 technologies and communities.

Animoca Brands previously invested in Pixelynx’s seed funding round in December 2021.

Los Angeles-based Pixelynx was founded in 2020 by musicians and technologists deadmau5 (Joel Zimmerman) and Richie Hawtin (Plastikman) along with music and gaming industry veterans Ben Turner, Dean Wilson and Inder Phull.

It creates a physical and digital ecosystem for artists and fans by creating products that blur the lines between music, gaming and web3. The ecosystem gives artists control over how they build experiences with fans, partners, and platforms to create new ways for music lovers to create, share, and monetize music.

Also Read: Animoca Brands Collects $125 Million From Temasek, TGV and Others

The startup’s upcoming debut game, Elynxir, is a next-gen mobile gaming platform that will bring fans closer to their favorite artists through exclusive music content, in-game collectibles, and playable immersive experiences. It uses advanced AR and geolocation for players to discover games, music, artists, collectibles, and community-created content.

Elynxir will be integrated into the Animoca ecosystem with a focus on interoperability, open standards and new interactive audiovisual formats.

Pixelynx also operates LynxLabs, a new investment program to develop the next wave of music and entertainment companies by giving them access to funding, artists, celebrities, token design and technical support.

The lab has already invested in Volta XR and Oorbit.

Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, commented, “Pixelynx is part of the new wave of companies that are breaking new ground for the music industry amid a major technological shift from centralized to decentralized ownership.”

Inder Phull, CEO of Pixelynx, commented, “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 where web3, gaming and transmedia content will unlock new formats, revenue streams and business models that support artists, fans and labels.”

Global music revenues are expected to reach US$131 billion by 2030 (Source: Goldman Sachs, 2022). Strategically, Animoca Brands and Pixelynx will focus on developing new formats of music consumption that can scale across the Metaverse to unlock new revenue opportunities through the access both companies have to a global network of platforms, infrastructure and rights. entertainment holders.

On Wednesday, Nikkei Asia reported that Animoca Brands is planning to set up a fund worth up to $2 billion to invest in Metaverse companies.

Fundraising or preparing your startup for fundraising? Build your investor network, search among 400+ SEA investors on e27 and connect or get fundraising insights. Try e27 Pro for free today.

The news that Animoca Brands is acquiring US-based music metaverse company Pixelynx appeared first on e27.