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Animoca wants to be at the forefront of the fusion of Web 3.0 technologies in the music industry.
In a daring move into the music Metaverse, blockchain gaming firm Animoca Brands has acquired a majority stake in the L.A.-based music metaverse gaming platform Pixelynx. According to the official announcement, Animoca Brands will carry on with such acquisitions as it looks to integrate the music industry with Web 3.0 technologies. As of publication, however, the financial terms of the acquisition remain undisclosed.
Animoca to Maximize the Potential of the Music Industry with Stake in Pixelynx
The partnership between Animoca and Pixelynx already shows positive signs of becoming a huge success.
Firstly, Pixelynx already has a wide coverage, operating in at least five countries at the moment. But even more than that, it has been actively engaged in building an ecosystem that is focused on bringing gaming, music, and Web 3.0 together. That is in both the real and virtual worlds. The ecosystem also focuses on allowing artists to have full control over how they create fan experiences, as well as develop new ways by which music lovers and creators can share and monetize music respectively.
Another signal that shows that Animoca Brands might be set to achieve great things in its acquisition is the result of a recent study by Goldman Sachs. The research projects that global music revenue will hit $131 billion by 2030. So, it does appear that Animoca might be looking to explore the integration of music and Web 3.0 technology for its largely profitable future.
Music and Web3.0: An Unstoppable Union
From all indications, it appears that the music industry is gradually leaning toward Web 3.0 and the union is waxing stronger. This is even as more musical artists and business executives in the space continue to employ Web 3.0 tools in their recent dealings.
For example, popular entertainment company Warner Music Group announced its partnership with NFT marketplace OpenSea, back in September. At the time, part of the announcement suggested that the firm would be creating a platform via which select musical artists can extend their fanbase into the Web 3.0 community.