Real Vision CEO Raul Pal has announced the launch of a Web3 tech company that aims to tokenize popular culture after receiving $10 million in pre-seed funding.
ScienceMagic.Studios was recently formed by Pal, a bitcoin proponent and former hedge fund manager, Kevin Kelly, founder of Delphi Digital, and David Pemsel, former CEO of Guardian Media Group.
The company, which raised $10 million in pre-seed funding in June, is backed by investors including Liberty City Ventures, Coinbase Ventures, DCG, Braven Howard Digital, and others, Pal. Told on twitter.
“Our mission is to connect the world’s largest cultural communities – music, fashion, movies/book/TV franchises and sports – to non-fungible tokens, social tokens and using the metaverse to build community, utility and experience,” he said.
Pal: Tokenization turns brands into tangible
ScienceMagic.Studios is aiming to tap an estimated “$63 trillion of intangibles on the global balance sheets of corporations,” said the economist and investment strategist who is credited with predicting the 2008 mortgage crisis.
“Tokenization embodies brand and community and shares utility and network with the community. This is potentially the biggest change to the business model in a very long time,” said Pal.
Simply put, Web3 is the idea of an Internet that is decentralized and powered by blockchain technologies and token-based economics. Non-Fungible Tokens (NFTs) are expected to play an important role in Web3 as a medium of exchange.
In June, venture capital firms invested $3.7 billion in Web3 projects, showing that the sector is still attracting massive interest despite the so-called crypto winter.
ScienceMagic.Studios states on its website that “we recommend and implement the creation of digital assets (e.g., NFTs and social tokens) and web3 economies for brands, talent and their communities.” It claims to have given rise to an “entirely new cultural economy”.