Animoca Brands Japan Invests JP100 million in Psychic VR Lab

Animoca Brands Japan has recently invested JP¥100 million ~$780k in Psychic VR Lab. The investment is part of a JP¥1 billion ~$7.8 million fundraising round obtained by the Japanese extended reality (XR) business in December 2022.

Jan 16, 2023
by Anvi Saini
Animoca Brands Japan Invests JP100 million in Psychic VR Lab
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Animoca Brands Japan has previously supported Psychic VR Lab. In June last year, the two firms announced cooperation for an urban-linked XR NFT art exhibition at NFT NYC. In Japan, Psychic VR is the market leader in XR experiences. Psychic VR operates STYLY, an XR creative platform utilized by over 50,000 artists globally. STYLY's viewer application has over 5 million downloads, according to a press statement issued on Friday.

STYLY, Animoca Brands Japan, UCOLLEX, and MADWORLD collaborated in June 2022 to present the XR startup's technology. Moreover, the technology allows XR art to be superimposed in the real world, producing immersive experiences with a smartphone and selling digital XR art as NFT.

What To Expect in Future?

According to Kyoya Okazawathey, X.R.technology will increase the potential of real space. The value of urban places like parks and atriums of buildings will also increase with the addition of virtual versions. Incorporating elements of media and entertainment into virtual environments will be possible since it would open up new economic opportunities on these digital platforms. It will connect them to the worldwide Web3 realm of the Animoca Brand, which has over 400 companies.

This investment advances Animoca Brands' ambition to develop a Web3 ecosystem in Japan. Meanwhile, Masahiro Yamaguchi, the CEO of Psychic VR Lab, views this investment from Animoca Brands Japan as a chance to advance the company's objective of building the "Real Metaverse" via its leading metaverse platform, “STYLY.”

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