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Raoul Pal Launches Web3 Company to Tokenize Pop Culture After $10M Funding

1 min
Updated by Kyle Baird
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In Brief

  • Raoul Pal announced the launch of a new Web3 tech company to tokenize popular culture.
  • Tokenization "is potentially the biggest change in business models in a very long time," Pal says.
  • Despite the bear market, venture capital firms invested $3.7 billion in Web3 projects in June.
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Real Vision CEO Raoul 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, Brevan Howard Digital, and others, Pal said on Twitter.

“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: Tokenization turns brands into tangibles

ScienceMagic.Studios is targeting to tap the estimated “$63 trillion of intangibles on global balance sheets of corporations,” said the economist and investment strategist, who is credited with predicting the 2008 mortgage crisis.

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.

Put simply, 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 a key role in Web3 as a medium of exchange.

In June, venture capital firms invested $3.7 billion in Web3 projects, showing the sector is still attracting massive interest despite the so-called crypto winter.

ScienceMagic.Studios says on its website that “we advise 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 birthed an “entirely new cultural economy.”

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Jeffrey Gogo
Jeffrey Gogo is a Zimbabwean financial journalist with more than 18 years of experience covering local and global financial markets; economic and company news. A climate change enthusiast, Gogo first encountered bitcoin in 2014 and began covering crypto markets in 2017.