Acording to a press release, ScienceMagic.Studios has raised $10.3 million in a pre-seed round for its non-fungible tokens (NFTs) and social tokens.

Founded by ScienceMagic.Inc, macro investor Raoul Pal, and crypto research firm Delphi Digital, the company is a joint venture.

Using web3 technologies like NFTs and social tokens, the company will counsel brands on how to engage more with fans and communities. The company is led by former Guardian Media Group CEO David Pemsel.

The investment was made by Liberty City Ventures, Coinbase Ventures, Alan Howard, Noam Gottesman, and Digital Currency Group (DCG), which owns CoinDesk.

ScienceMagic.Studios CEO David Pemsel said, "Digital assets offer huge potential for brands to engage with their communities in a new way, and for talent to realise the true value from their work for the first time. But many brands are just starting to understand this." 

He adds, "To make the most of this opportunity and create enduring value, brands will need a partner who understands their business, who shares their values, and who brings a deep knowledge of Web3 technologies."

With more brands diving into the web3 hype, the company says the funding will be used primarily for scaling up.

Kanye West's Yeezus brand, which filed 17 trademark applications earlier this month, has indicated a potential move into the NFT space as major brands continue to explore the web3 space.

Vogue Business reports that Lancôme recently announced a range of limited-edition NFT gift boxes for China’s 520 holiday. Prada previously launched NFTs as part of its Timecapsule initiative.

Pavan A

CBW - External Analyst

INDIA