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Animoca Brands acquires majority stake in music metaverse company PIXELYNX

December 7, 2022 8:30 am

Hong Kong-headquartered blockchain gaming unicorn Animoca Brands has acquired a majority stake in the Los Angeles-based music metaverse gaming platform Pixelynx.

The acquisition enabled Animoca Brands to approach music fans and continue to build up its ecosystem that integrate games with Web 3 technologies and communities.

Commenting on the deal, Yat Siu, co-founder and executive chairman of Animoca Brand said” PIXELYNX is one of the new waves 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”.

Currently operating in five countries, California-based PIXELYNX is creating a physical and digital ecosystem for artists and fans by building products that blur the lines between music, gaming, and Web3.

Ultimately, Pixelynx’s ecosystem seeks to provide artists control over how they build experiences with fans, partners and platforms, as well as create innovative ways for music lovers to develop, share and monetize music.

PIXELYNX will soon launch a new mobile gaming platform called ELYNXIR. Powered by Niantic Lightship Augmented Reality Technology, PIXELYNX aims to bring fans closer to their favorite artists through exclusive music content, in-game collectibles, and playable immersive experiences.

ELYNXIR will be integrated into Animoca Brand’s existing exosystem to focus on interoperability, open standards, and new interactive audio-visual formats, according to Pixelynx.

Look forward, Animoca Brands and PIXELYNX will focus on developing new formats of music consumption that can be scaled across the metaverse to unlock new revenue opportunities.

According to a latest report released by Goldman Sach, the global music revenue is expected to reach US$131 billion by 2030

Animoca brands is now valued at US$ 6 billion after raising US$100 million in latest funding round led by Singapore state-owned investment firm Temasek in August.