Digital entertainment, blockchain and gamification company Animoca Brands has acquired a majority stake in Los Angeles-based music metaverse Pixelynx.

Animoca Brands expects its acquisition will increase integration between games and technology and Web3 communities, the company announced Dec. 6. Financing terms for the acquisition were not disclosed.

Animoca meant it would continue to invest in and acquire digital studios that would help integrate the music industry with Web3, a broad general term that refers to a future version of the Internet based on blockchain technology.

Pixelynx already operates in five countries and is currently building an ecosystem that blurs the boundaries between music, games and Web3 in both the physical and digital worlds. Ultimately, the Pixelynx ecosystem aims to give artists control over how they create experiences with fans, partners and platforms, and to create innovative ways for music lovers to develop, share and monetize music.

The integration of music and technology seems to have a promising and lucrative future. According to a study by Goldman Sachs, global music revenue is expected to reach $131 billion by 2030.

Web3 technologies and the music industry are slowly integrating, thus creating new opportunities and sources of income for creative and music companies. As more musicians and leaders use Web3 tools such as non-fungible tokens (NFTs) to turn audiences into active communities, the alliance between Web3 technology and music is likely to grow stronger.

In September, global music and entertainment company Warner Music Group announced a partnership with NFT marketplace OpenSea to provide a platform for select music artists to build and grow their fan base in the Web3 community.