After raising $10 million in pre-seed investment, Real Vision CEO Raoul Pal announced the creation of a Web3 tech business that seeks to symbolize popular culture.
David Pemsel, former CEO of Guardian Media Group, bitcoin advocate, and former hedge fund manager Kevin Kelly and Pal have just founded Science Magic Studios.
Investors such as Liberty City Ventures, Coinbase Ventures, DCG, Brevan Howard Digital, and others are backing the startup, which raised $10 million in upfront investment in June, Pal said on Twitter.
The economist and investment analyst are known for predicting the 2008 mortgage crisis, Science Magic. Studios’ aim to use is “$63 trillion of intangible assets projected on corporations‘ global balance sheets.”
“Tokenization embodies the brand and community and shares the benefit and network with the community. This 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 based on a token-based economy and blockchain technology. NFTs are expected to be a very important trading tool on the Web3.
Despite the so-called “crypto winter,” venture capital firms invested $3.7 billion in Web3 projects in June, demonstrating the industry’s high level of interest continues.