Animoca Brands’ Japanese subsidiary announced its investment of JP¥100 million into Psychic VR Lab’s recent funding round, boosting its efforts to build a thriving Web3 ecosystem in the country.
The global Web3 market is expanding rapidly and it is forecasted that the blockchain technology sector will reach over US$38.6 billion in valuation by 2030.
Animoca Brands K.K., a Japanese subsidiary of Web3 trailblazer, Animoca Brands, made a strategic investment of JP¥100 million (US$766.6 thousand) into creative virtual reality platform, Psychic VR Lab, leading its JP¥1 billion (US$7.7 million) fundraising round held last December.
The recent funds allocated will strengthen Psychic VR’s role within Japan’s extended reality (XR) sector, as it aims to leverage these investments to unlock the full potential of the technology, building on its vision of a “world where people wear a space.”
The funding round followed a previous collaboration between Animoca Brands Japan and Psychic VR Lab last June, as a means to propel its efforts in supporting and developing the country’s nascent Web3 ecosystem.
Kyoya Okazawa, the co-founder of Animoca Brands Japan said, “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 the partnership, Animoca Brands hopes to bring new economic opportunities to Japan by connecting digital companies with its thriving global Web3 ecosystem of over 400 companies, while utilising content from its IP holding partners.
Leading innovation in the XR field, Psychic VR launched a creative metaverse platform, STYLY, allowing users to create immersive experiences using virtual and augmented reality technologies. Attracting over 50,000 artists worldwide, the application has become an important part of the Web3 infrastructure in Japan, merging the digital with the real world.
“With the investment from Animoca Brands, we are going to accelerate the creation of “Real Metaverse ” with our real metaverse platform STYLY. We believe that the evolution of technology in the XR and 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,” the CEO of Psychic VR Lab, Masahiro Yamaguchi added.
Animoca Brands Japan hopes to continue advancing Web3 innovation by making more strategic investments in the industry, while allowing true digital ownership for individuals in the region.
Featured Banner Image: @psychicvrlab
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