ScienceMagic.Studio new funding will ease Web3 usability


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