Business News Report
December 06, 2022

Animoca Brands acquires a majority stake in deadmau5 and Plastikman’s music metaverse PIXELYNX

In Brief

Animoca Brands has taken a majority stake in Pixelynx via its controlled subsidiary.

With the acquisition, Animoca Brands seeks to power the music industry through integration with Web3 and gaming technologies. 

Pixelynx is a music metaverse founded by industry’s veterans deadmau5 and Richie Hawtin, also known as Plastikman.

Web3 giant Animoca Brands has taken a majority stake in the music metaverse gaming platform Pixelynx. The Hong Kong-based company plans to “build, invest in, and acquire studios, infrastructure, and technologies that will power the future of the music industry.”

Los Angeles-based Pixelynx was founded by musicians and music and gaming experts: deadmau5, Richie Hawtin (Plastikman), Inder Phull, Ben Turner, and Dean Wilson. The company has been operating in five countries. 

Pixelynx is developing products that bridge music, gaming, and Web3 to create a physical and digital network for artists and their fans. The platform’s ecosystem gives artists control over how they create experiences with fans, partners, and other platforms, as well as offers music artists more opportunities to monetize music. 

According to Goldman Sachs, global music revenue is predicted to reach $131 billion by 2030. Animoca Brands and Pixelynx will focus on developing new formats of music consumption for the metaverse to unlock new revenue streams.

“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,”

said Inder Phull, the CEO of Pixelynx.

Last week, Richie Hawtin and deadmau5’s music metaverse startup revealed Elynxir, a music-themed Niantic Lightship AR-powered game that came out during Art Basel Miami. Elynxir is a scavenger hunt inspired by the popular free AR game Pokemon Go. With the new AR experience, players can socialize with other users, remix music, and collect NFTs from dedicated collections. Animoca Brands will integrate Pixelynx’s Elynxir into its ecosystem, focusing on “interoperability, open standards, and new interactive audio-visual formats.”

Pixelynx also operates LynxLabs, an investment program that builds the next wave of music and entertainment ventures.

Exactly a year ago, on December 6, 2021, Animoca Brands published an announcement that it had led a $4.5 million seed investment round for Pixelynx. Other investors included Solana Ventures, Alameda Research, Republic Realm, Sfermion, and more.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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