Animoca hopes to advance the music industry in Web3 and gaming via its recent collaboration with Pixelynx.
Digital entertainment, blockchain and gamification company Animoca Brands has acquired a majority stake in the Los Angeles-based music metaverse gaming platform Pixelynx.
According to its Dec. 6 statement, Animoca Brands expects its acquisition will expand on the integration between gaming and Web3 technologies and communities. The financial terms of the acquisition were not disclosed.
Animoca indicated that it would continue to invest in and buy digital studios which help its efforts to integrate the music industry with Web3 — a broad term which refers to some future iteration of the Internet powered by blockchain tech.
Pixelynx currently operates in five countries and is presently building an ecosystem which blurs the lines between music, gaming and Web3, in both the physical and digital worlds. Lastly, Pixelynx’s ecosystem aims to offer artists control over how they make experiences with fans, partners and platforms, plus make creative ways for music lovers to develop, share and monetize music.
The integration of music and tech seems to have a promising and profitable future. According to research made by Goldman Sachs, global music revenue is expected to reach $131 billion by 2030.
Web 3 technologies and the music industry seem to be slowly merging, creating new chances and revenue streams for both creatives and music companies. As more musicians and managers use Web3 tools like NFTs to turn audiences into active communities, the bond between Web3 technology and music is likely to grow stronger.
In September, global music and entertainment company Warner Music Group revealed that it is partnering with NFT marketplace OpenSea to offer a platform for select musical artists to build and expand their fan base into the Web3 community.