Animoca Brands’ Japanese division has invested 100 million yen (about $780,000) in the local metaverse company Psychic VR Lab. The transaction is a part of the investment round for US$7.8 million that the latter company secured in December 2022.
The primary product of Psychic VR Lab, which Masahiro Yamaguchi founded in 2016, is a virtual reality space builder called Styly. Users may create virtual and mixed-reality environments using the product, which they can then share with anybody using a compatible device.
The company claimed that more than 50,000 artists worldwide have utilised their platform. The metaverse platform collaborated with Animoca Brands Japan to hold an art show at NFT NYC in June of last year.
The money will be used by Psychic VR Lab to develop new products.
Additionally, the arrangement would link Psychic VR Lab with the Web3 ecosystem of the blockchain giant’s more than 400 enterprises, according to Kyoya Okazawa, co-founder of Animoca Brands Japan.
