Source: news.google.com
Web3 music startups are making some waves in crypto this week. Major investor Animoca Brands has joined Pixelynx, while Warner Music, Polygon and LGND have formed their own NFT music company.
Let’s start with Animoca Brands, the titan of the industry focused on blockchain, metaverse, and NFT gaming. It has just been announced that it has acquired a majority stake in Los Angeles-based gaming and music metaverse startup Pixelynx, adding to an already huge stash of investments in the crypto-gaming, metaversal, and entertainment space. Web3.
Founded by electronic music industry professionals Richie Hawtin (aka Plastikman) and Joel Zimmerman (aka deadmau5), among others, Pixelynx already has a fairly large presence in five countries and aims to “blur the lines.” between music, blockchain and games,” according to its website
Neat. https://t.co/lZodFuVxQd
— Lord of the goats (@ deadmau5) December 6, 2022
“We are building a global network of artists, visionaries, and startups who are passionate about reimagining how the music industry evolves through Web 3.0 and the metaverse,” the site proclaims.
A Cointelegraph Today’s topic article noted that global music revenue is expected to hit $131 billion by 2030, according to research by Goldman Sachs (which is also in the crypto news for other reasons, by the way). intriguing).
Big business, then, and if you believe the thesis that Web3 will eventually replace Web2, then startups like Pixelynx (and LGND, below) could very well turn a profit.
Animoca Brands Co-Founder and CEO Yat Siu said: “Pixelynx is one of the new wave of companies that are paving novel paths for the music industry amid a major technological shift from centralized to decentralized ownership.
“We are delighted to welcome Pixelynx to the growing family of Animoca Brands and look forward to helping shape the cutting edge of the music industry as we create new and innovative experiences for people around the world.”
Pixelynx CEO Inder Phull added: “Animoca Brands has established itself as a dominant player in building the shared vision of an open metaverse.
“This agreement ushers in a new era in the music industry where Web3, gaming and transmedia content will unlock new formats, revenue streams and business models that support artists, fans and record labels.”
Music is a place.
A place where you can get lost.
A place to escape from the mundane.
that place is @elynxirgameUnlock a new layer of reality.
🗝🚪 @elynxirgame
🗝🚪 https://t.co/ynsTKBsOTA pic.twitter.com/UhdVDHfxVz— PIXELYNX (@pixelynx_io) May 25, 2022
Warner Brothers + LGND + Polygon = tokenized sounds
In a separate announcement today, Warner Music Group revealed that the Web3 platform it partners with, LGND Music, will officially launch in January 2023.
The Ethereum-compatible Polygon Network (MATIC) is the base blockchain for LGND, which is essentially an online marketplace offering songs as NFTs.
LGND is set up so that fans can purchase the music NFTs and listen to them through the platform itself, along with other digital collectibles from a variety of musicians signed to Warner Music record labels.
One of them is Spinnin Records, and according to the announcement, the launch of the platform will be accompanied by a collaboration with the electronic dance music label. Spinnin’ Records has released tracks from artists such as David Guetta, Tiesto, R3HAB, and Robin Shultz.
Polygon Studios CEO Ryan Wyatt said in a statement that Polygon’s partnership with WMG and LGND is an “exciting milestone for the music industry,” adding:
“The way we own and experience music is evolving, fully embracing decentralized and collectible technologies.”
Warner Music Group to launch Music NFT through @Lgnd_Music
powered by @0xPolygon! https://t.co/H7zlZHlOxM
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) December 6, 2022
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