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Animoca Brands, a Hong Kong based software developer and operating company, has acquired a majority stake in Pixelynx.
Pixelynx is a music metaverse gaming platform company founded by Joel Zimmerman, Richie Hawtin, and other industry professionals. Zimmerman and Hawtin, appearing respectively as deadmau5 and Plastikman, are famous electronic musicians and DJs. Earlier this year Pixelynx announced their first AR experience, Elynxir, an AR music experience powered by Niantic Lightship.
“Animoca Brands has established itself as a dominant player in building the shared vision of an open metaverse,” said Inder Phull, CEO of PIXELYNX. “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.”
Animoca Brands plans to acquire more studios, infrastructure and technology within the music industry with an eye towards the future. Music is big business — a recent Goldman Sachs article projects it will hit $130 billion annually by 2030.
“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 Yat Siu, co-founder and executive chairman of Animoca Brands, in a press release. “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.”