Animoca Brands Acquires Majority Stake in Music Metaverse Company PIXELYNX
Animoca Brands has taken the majority stake in the music metaverse gaming platform PIXELYNX. The acquisition was made via an Animoca-controlled subsidiary.
PIXELYNX is a music metaverse gaming platform that was created by musicians along with the technologists deadmau5 (Joel Zimmerman) and Plastikman (Richie Hawtin). Also involved in the founding of the gaming platform were Dean Wilson, Ben Turner, and Inder Phull who are veterans of the music and gaming industry.
Based in Los Angeles, PIXELYNX is currently present in five countries. The music and gaming platform is developing a physical and digital ecosystem for artists and their fans through the creation of metaverse products that blend music, gaming, and web3 (blockchain-powered decentralized ecosystem). The platform will give artists control over how they create experiences with various participants including partners, fans, and platforms. PIXELYNX wants to build new ways through which lovers of music can develop, share and monetize their passion for music.
PIXELYNX is currently operating LynxLabs, its new investment program geared at building the next wave of music and entertainment ventures by providing access to celebrities, artists, funding, token design, along with technical support. LynxLabs has already invested in Oorbit and Volta XR.
With the acquisition, Animoca Brands is hoping to expand the integration between Web3 technologies, gaming, and communities. The terms of the acquisition were not disclosed in the announcement.
In the announcement, Animoca Brands also hinted that it will continue with the acquisition of digital studios that complement its quest to integrate the music industry with web3 technologies.
The music industry is gradually embracing web3 technologies. Musicians have tapped into the metaverse and blockchain to generate new opportunities and income streams. Web3 tools like nonfungible tokens (NFTs) allow artists to extend their reach and unlock new revenue opportunities. Music and entertainment giant Warner Music Group recently partnered with OpenSea for a platform that enables select music artists to expand their fanbase into the Web3 community.
PIXELYNX is set to launch a next-generation mobile gaming platform dubbed ELYNXIR that will connect fans to their favorite artists via exclusive music content, playable immersive experiences, and in-game collectibles.
The ELYNXIR platform is powered by Niantic’s Lightship AR technology and uses augmented reality and geolocation to enable players to discover music, games, artists, collectibles, as well as community-made content. A press release says the ELYNXIR gaming platform aims to develop “a new type of artist-to-fan collaboration” to transform the way the music industry “engages communities and monetizes content” while also enabling fans to become collaborators, collectors, investors, and influencers.
According to Goldman Sachs, global music revenues will hit $131 billion by 2030. Animoca Brands, through its investments in PIXELYNX wants to focus on the development of new formats of music consumption that are scalable across the metaverse. The companies will leverage their access to a global network of platforms, rights holders in entertainment, and infrastructure toward this end.
The ELYNXIR gaming platform will now be integrated into the Animoca ecosystem and will aim at interoperability, open standards as well as new interactive audio-visual formats.