• 15 June, 2024
News

Animoca Brands’ Betting Big on Metaverse With $780,000 Investment

Animoca Brands’ Japanese subsidiary has invested 100 million yen (approximately $780,000) in the Japanese metaverse company Psychic VR Lab. This investment is a part of the $7.8 million in funding raised by the VR firm last month.

Investing in the metaverse

Psychic VR Lab, established in 2016 by Masahiro Yamaguchi, is well known for its virtual reality environment editor, Styly. The product enables its users to create and share virtual and mixed-reality environments with other users on compatible hardware.

Psychic VR Lab CEO Masahiro Yamaguchi stated in a press release that the funding from Animoca Brands would significantly speed up the development of the “Real Metaverse” on their platform STYLY.

According to the company, over 50,000 musicians worldwide have utilized their service. Last June, the metaverse platform collaborated with Animoca Brands Japan to organize an art show at NFT NYC. Now, Psychic VR Lab intends to use the funds for product development.

According to Animoca Brands Japan’s co-founder Kyoya Okazawa, XR technology will play an essential role in enhancing real-life experiences.

“Looking ahead, X.R. technology will expand the possibilities of actual space, and the value of all urban areas, such as buildings’ atriums and parks, will improve with the inclusion of virtual counterparts,” Okazawa added.

The co-founder also asserted that the media and entertainment industry could use augmented reality to invade our everyday lives. Okazawa said that by working with Animoca Brands, Psychic VR Lab could better integrate its extended reality technology into the Web3 environment, opening up new possibilities for its users.

Last month, Animoca Brands announced plans to set up a fund worth as much as $2 billion to invest in the metaverse sector. Dubbed Animoca Capital, the fund will focus on projects developing products involving digital property rights.

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