After working with the Japanese XR startup in June 2022, the company is now extending its relationship with it.
Animoca Brands Japan, a subsidiary of Animoca Brands specializing in blockchain investments, has invested JP100 million $780,000 in Psychic VR Lab. The investment is part of the JP1 billion $7.8 million funding round secured by the Japanese extended reality (XR) business in December 2022.
This is not Animoca Brands Japan’s first investment in Psychic VR Lab. In June of the previous year, the two firms announced a partnership for an urban-linked XR NFT art exhibition at NFT NYC.
Japan’s leader in XR experiences is Psychic VR. STYLY is an XR creative platform utilized by more than 50,000 artists around the world. Friday’s press release states that the STYLY viewer app has been downloaded more than 5 million times.
In June 2022, STYLY, Animoca Brands Japan, UCOLLEX, and MADWORLD worked together to show off the XR startup’s technology that lets XR art be placed on top of real space, creating immersive experiences with a smartphone and allowing digital XR art to be sold as NFT.
With this investment, Animoca Brands’ goal of building a web3 ecosystem in Japan through partnerships will move forward faster.
The co-founder of Animoca Brands Japan said: “Looking ahead, the possibilities of real space will be expanded by XR technology, and the value of all urban spaces such as buildings’ atriums and parks will increase with the addition of virtual versions. It will be possible to bring media and entertainment attributes into these spaces. Through this partnership, we will create new economic opportunities on these digital twins by connecting them with Animoca Brands’ global Web3 ecosystem of over 400 companies, and leverage content from our partner IP holders.”
On the other hand, Masahiro Yamaguchi, CEO of Psychic VR Lab, sees this investment from Animoca Brands Japan as a chance to speed up the company’s plan to create the “Real Metaverse” through its leading metaverse platform “STYLY.”
“We believe that the evolution of technology in the XR / Web3 field will not only change the structure of modern society, but will also fundamentally change people’s lifestyles as a movement of world creation in the history of mankind. We hope to play a great role in this major turning point of history,” added Yamaguchi.
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