After receiving $10 million in pre-seed funding, Real Vision CEO Raoul Pal has announced the founding of a Web3 tech company that aims to tokenize popular culture, and formed ScienceMagic.Studios.
“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.
Pal: Brands become tangibles through tokenization.
ScienceMagic, the economist and investment strategist who is credited with predicting the 2008 mortgage crisis stated that Studios is aiming to tap on the estimated "$63 trillion of intangibles on global balance sheets of corporations."
“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 is the idea of a decentralised internet that depends on token-based economics and blockchain technology. As a kind of trading, non-fungible tokens (NFTs) are expected to be vital in Web3.
Despite the so-called "crypto winter," venture capital invested $3.7 billion in Web3 projects in June, demonstrating the industry's continued high level of interest.
ScienceMagic.Studios says on its website that “we advise and implement the creation of digital assets (eg, NFTs and social tokens) and web3 economies for brands, talent, and their communities.” It claims to have birthed an “entirely new cultural economy” ."
