Pixelynx, a Los Angeles-based music and gaming startup, has acquired a majority stake in Animoca Brands, a Hong Kong-based blockchain company.
Pixelynx’s first mobile game, Elynxir, will be joining the Animoca Brands network, as stated in a press release. Both companies plan to put their efforts towards creating innovative metaverse music consumption platforms that might bring in more cash for platform proprietors and musicians.
In 2020, Pixelynx was established as a firm that would create a music-based metaverse where creators and players could connect. Limited beta testing of Elynxir started in October of this year, and a full release is expected in the first part of 2023.
Company co-founders include musicians Joel Zimmerman (deadmau5) and Richie Hawtin (Plastikman), as well as Ben Turner, Dean Wilson, and Inder Phull. Animoca Brands invested in the firm upon its inception in December of the previous year.
Pixelynx’s LynxLabs is an investment arm that helps new music and entertainment business owners by providing them with capital, connections to celebrities, and technological know-how.
According to Yat Siu, Animoca Brands’ co-founder, the firm will establish a $2 billion fund to invest in metaverse businesses.