Animoca Brands has taken a majority stake in music metaverse company PIXELYNX, which was founded by musicians and technologists Deadmau5 and Plastikman, alongside music and gaming veterans Ben Turner, Dean Wilson, and Inder Phull.
Currently operating in five countries, California-based PIXELYNX is creating a physical and digital ecosystem for artists and fans by “building products that blur the lines between music, gaming, and Web3”. This ecosystem gives artists control over how they interact with fans, platforms, and partners and helps music lovers develop, share, and monetise music.”
“Animoca Brands has established itself as a dominant player in building the shared vision of an open metaverse,” said PIXELYNX CEO Inder Phull. “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 global music market is expected to reach $131 billion by 2030. Animoca Brands and PIXELYNX aim to focus on developing new formats of music consumption that can be scaled across the metaverse, allowing companies to unlock new revenue opportunities.
Is this the future of music?
As part of this mission, PIXELYNX is preparing to release ELYNXIR, “a next-generation mobile gaming platform that will bring fans closer to their favourite artists through exclusive music content, in-game collectibles, and playable immersive experiences.” ELYNXIR is powered by Niantic Lightship AR Technology, and leverages advanced augmented reality and geolocation to help players discover new games, music, and community-made content. ELYNXIR will be integrated into Animoca Brand’s existing exosystem to focus on interoperability, open standards, and new interactive audio-visual formats.
"PIXELYNX is one of the new wave of companies that are paving novel pathways for the music industry amid a major technological shift from centralized to decentralized ownership,” said Animoca Brands co-founder and executive chairman Yat Siu. “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."
Earlier this year, we listed Animoca Brands as one of the top 50 mobile game makers of 2022.