Popular Blockchain game company, Animoca Brands has secured a majority stake in a music metaverse platform, Pixelynx Inc., a subsidiary of PIXELYNX. The firm announced the development in a blog post on Tuesday. As announced, Animoca Brands aims to build, invest and acquire studios in PIXELYNX.
Also, the software company intends to adopt infrastructures and technologies that can strengthen the future of the music industry. According to Animoca Brands, it hopes to achieve this goal through integration with gaming and Web3 technologies and communities.
According to Animoca Brands, PIXELYNX emanated as a Los Angeles-based music metaverse gaming protocol. It was founded by musicians and technologists deadmau5 (Joel Zimmerman) and Richie Hawtin (Plastikman). Other co-founding members include veterans in the industry such as Ben Turner, Dean Wilson, and Inder Phull. Currently, the gaming platform operates across five different companies.
Animoca Brands looks towards helping PIXELYNX shapes the forefront of music industry
According to PIXELYNX, its team looks towards creating a physical and digital ecosystem for artists and fans. It hopes to achieve this by building products that eradicate the lines between music, gamin,g and Web3. In addition, PIXELYNX also aims to give artist the control over how they build experience with their fans, partners, and platforms. Meanwhile, through the investment by Animoca brands, the platform will provide Ana enablement for music lovers to develop, share and monetize music.
The CEO of Animoca Brands, Yat Siu reacted to the acquisition of PIXELYNX shares. According to Siu, PIXELYNX runs as one of the newest firms paving novel pathways for the music industry. The co -founder noted that the platform has started making waves amidst the technological shift from centralized to decentralized ownership.
More so, Siu expressed the delight of Animoca Brands to welcome PIXELYNX on board. Siu further that Animoca Brands looks forward to helping the firm shape the forefront of the music industry. In addition, the co-founder noted that Animoca Brands will also continue to build new and creative experiences for people around the world.
PIXELYNX CEO highlights prospects enveloped in Animoca’s deal
The CEO of PIXELYNX Inder Phull also reacted to the development. According to Phull, Animoca Brands manifested as an established player in the industry, with shared vision of an open metaverse. Phull further classified the deal as the beginning of a new era in the music industry. This according to Phull introduces Web3, gaming and transmedia content that can open new formats, revenue streams, and business models that aid artists, fans, and labels.
Recall that Animoca previously led a seed funding rounds for PIXELYNX in December 2021. The seed funding round witness participation from Solana Ventures, Alumni Ventures Blockchain Fund, Hyperedge Capital, Republic Realm, and Sfermion.