The blockchain gaming tycoon will integrate the music metaverse gaming platform’s tech and offerings into its growing ecosystem.
Animoca Brands acquired a majority stake in LA-based PIXELYNX, the music metaverse gaming platform founded by electronic musicians and DJs Deadmau5 and Richie Hawtin.
PIXELYNX is developing a decentralized ecosystem powered by blockchain technologies for artists and fans to interact in the music, gaming, and Web3 worlds. The company’s upcoming debut game, ELYNXIR, is an immersive mobile gaming platform connecting fans and artists through music content, in-game collectibles, and other experiences.
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PIXELYNX’s flagship game uses augmented reality and geolocation to allow players to tap into content local to them. The game was built using Niantic Lightship AR technology, a toolset for building metaverse environments with AR components. Niantic also developed similar tech behind Pokémon Go.
Animoca will integrate PIXELYNX’s ELYNXIR product into its ecosystem of offerings.
“Animoca Brands has established itself as a dominant player in building the shared vision of an open metaverse,” PIXELYNX CEO Inder Phull said in a release. “This deal marks the beginning of a new era in the music industry in which Web3, gaming, and transmedia content will unlock new formats, revenue streams, and business models that support artists, fans, and labels.”
The acquisition deal comes after Animoca led PIXELYNX’s $4.5 million seed funding round in December 2021. Through this new deal, Animoca will set its focus on building and investing in the music industry more by integrating gaming and Web3 technologies. The investment company also has plans to acquire music studios and infrastructures.
“PIXELYNX is one of the new wave companies that are paving novel pathways for the music industry amid a major technological shift from centralized to decentralized ownership,” Animoca co-founder and executive chairman Yat Siu said in a statement. “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.”
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