ScienceMagic.Studios, a firm that advises brands and talent on implementing web3 technologies, has raised $10 million in pre-seed funding.
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Investors in the round included Coinbase Ventures, Digital Currency Group, and billionaire hedge fund manager Alan Howard.
The company, which is spearheaded by former Guardian Media Group CEO David Pemsel, will advise brands on how to utilize web3 technologies such as NFTs and social tokens to increase interaction with fans and communities.
“Digital assets offer huge potential for brands to engage with their communities in a new way, and for talent to realize the true value from their work for the first time. But many brands are just starting to understand this,” said Pemsel. The company says it will primarily use the funds to scale up with the expectation of increased interest as brands continue to dive into the web3 hype.
The raise comes as big-name brands, particularly in the fashion sector, continue to look at the web3 space. Earlier this month, The Block reported that Kanye West’s Yeezus brand has filed 17 trademark applications indicating a possible move into the NFT space.
Previously, Prada also became the latest fashion brand to launch NFTs as part of its ongoing Timecapsule initiative.
Beauty brand Lancôme recently announced the launch of customized gift boxes with exclusive NFTs for China’s 520 holiday, according to data compiled by Vogue Business.
Tom is fintech reporter at The Block. Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. Tom has a bachelors degree in International Relations and Japanese from SOAS, University of London.
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