Digital entertainment, blockchain and gamification company Animoca Brands has taken a majority stake in Los Angeles-based music metaverse and gaming platform Pixelynx.
Animoca Brands expects its acquisition to further the integration between gaming and Web 3.0 technologies and communities, the company announced December 6. The financing terms of the acquisition have not been disclosed.
Animoca hinted that it would continue to invest in and acquire digital studios that would help it in its effort to integrate the music industry with Web 3.0, a general term referring to a future iteration of the Internet powered by Blockchain technology.
Pixelynx already operates in five countries and is currently building an ecosystem that blurs the lines between music, games and Web 3.0, both in the real and digital world. Ultimately, the Pixelynx ecosystem aims to give artists control over how they build experiences with fans, partners, and platforms, as well as create innovative ways for music lovers to develop, share, and monetize music.
The integration of music and technology seems to have a promising and profitable future. According to research by Goldman Sachs, global music revenue is expected to reach $131 billion by 2030.
Web 3.0 technologies and the music industry seem to be slowly integrating, thus creating new opportunities and revenue streams for music creators and companies. As more musicians and executives embrace native Web 3.0 tools like non-fungible tokens (NFTs) to transform audiences into active communities, the marriage between Web 3.0 technology and music is likely to take hold.
In September, the global music and entertainment company Warner Music Group announced its partnership with OpenSea, an NFT marketplace, to provide a platform for select music artists to build and grow their fan base in the Web 3.0 community.
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