Animoca Brands hopes to advance the music industry within Web3 and gaming through its latest partnership with Pixelynx.
The Los Angeles-based music metaverse game platform Pixelynx has acquired a controlling share from the digital entertainment, blockchain, and gamification startup Animoca Brands.
In its Dec. 6 announcement, Animoca Brands stated that it anticipated that their acquisition will enhance the merging of gaming and Web3 communities. The acquisition’s financial conditions weren’t made public.
As part of its effort to integrate the music business with Web3, Animoca hinted that it would keep making investments in and purchasing digital studios. Web3 is a catch-all term for a potential blockchain-powered internet iteration.
Currently developing an ecosystem that blurs the barriers between music, gaming, and Web3 in both the actual and virtual worlds, Pixelynx is already active in five countries. In the end, Pixelynx’s ecosystem aims to provide artists control over how they establish experiences with fans, partners, and platforms and to develop cutting-edge ways for music fans to produce, distribute, and earn money from their favorite music.
Technology and music fusion appears to have a bright and successful future. Global music sales are predicted to reach $131 billion by 2030, according to research by Goldman Sachs.
Web3 technologies and the music business seem to be steadily fusing together, opening up new career prospects and revenue streams for artists and record labels.
The relationship between Web3 technology and music is set to get stronger as more artists and business leaders use Web3 tools like nonfungible tokens (NFTs) to turn fans into active communities.
Select musical artists will have access to a platform from which to grow and expand their fan bases in the Web3 community thanks to a partnership between Warner Music Group and NFT marketplace OpenSea, which was announced in September by the international music and entertainment firm.
