After collecting $10 million in pre-seed investment, Real Vision CEO Raoul Pal has announced the founding of a Web3 tech business that wants to tokenize popular culture.
David Pemsel, the former CEO of Guardian Media Group, Kevin Kelly, a proponent of bitcoin and former hedge fund manager, and Pal newly founded ScienceMagic.Studios.
According to Pal on Twitter, investors like as Liberty City Ventures, Coinbase Ventures, DCG, Brevan Howard Digital, and others support the startup, which secured $10 million in pre-seed investment in June.
“Our mission is to tokenize the world’s largest cultural communities – music, fashion, movies/book/TV franchises and sports – utilizing non-fungible tokens, social tokens and metaverse to build community, utility, and experience,” he said.
The projected “$63 trillion of intangibles on global balance sheets of corporations,” according to the economist and investment analyst who is credited with foreseeing the 2008 mortgage crisis, is what ScienceMagic.Studios is aiming to tap.
“Tokenization turns brand and community into tangibles and shares the utility and network with the community. It is potentially the biggest change in business models in a very very long time,” Pal added.
Simply put, Web3 refers to the concept of a decentralized internet that relies on token-based economics and blockchain technology. NFTs are anticipated to be a crucial medium of trade in Web 3.
Despite the so-called “crypto winter,” venture capital companies invested $3.7 billion in Web3 projects in June, demonstrating the industry’s continued high level of interest.
“We advise and implement the creation of digital assets and web3 economies for brands, talent, and their communities,” ScienceMagic.Studios claims on its website. According to it, a “entirely new cultural economy” has been born.
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