Provenance is the new alpha·Every transfer adds value
● Angel Round · 2026

Culture Circulates,
Value Compounds

The Circulation and Settlement Protocol for the $285B Collectibles Market

PixUP is the Circulation & Settlement Protocol for cultural collectibles — the O2O infrastructure that runs it. Leveraging CVM physical entry points, VIA authentication standards, and the RePool circulation network, it aggregates fragmented card flows into a stream of assets that are both traceable and priceable. Every transfer is recognized, priced, attributed, and settled — all circulation happens within a single governing protocol.

Issuance· Authentication· Pricing· Execution· Settlement· Recirculation
Global Collectibles TAM
$285B
TCG · sports cards · K-pop · anime · IP merchandise
Angel Round
$2.5M
Equity · 10% dilution · Delaware C-Corp
Post-Money Valuation
$25M
SAFE / Convertible Note structure
12-Month US CVM Target
200
LA pilot 50 · boba · K-Fan · GameStop

Cards serve as the vehicles of circulation.
The protocol serves as the substance of the system.

— PixUP System Overview
Infrastructure — Not a Marketplace

Everyone is building marketplaces. We're building the layer underneath.

We believe the collectibles market doesn't need another marketplace — it needs the infrastructure layer beneath all marketplaces. What we are building is one protocol across all commerce modes — connecting issuance, authentication, pricing, execution, settlement, and recirculation under one set of rules.

The Substance of the System

Cards are vehicles. The protocol is substance.

Cards serve as the vehicles of circulation. The protocol serves as the substance of the system. Every transfer is recognized, priced, attributed, and settled — all circulation happens within a single governing protocol.

Standard Interfaces · Open Participation

Protocol-layer attribution

Standard interfaces. Open participation. Protocol-layer attribution. As nodes and data density grow, the circulation efficiency and trust foundation of the whole industry are correspondingly enhanced.

Two Firsts in This Industry

Structural innovations nobody else has built

A single card can enter multiple circulation rounds (RePool) — and the contribution from each round flows back to the IP holder (IFCI). Every circulation event creates value. Sustained circulation builds the value of the system itself.

The System Stack

Five layers. One rule set.

One protocol across all commerce modes — connecting issuance, authentication, pricing, execution, settlement, and recirculation under one set of rules.

01

CVM

Physical Entry Layer

Offline reach → Online registration → Circulation initiation. Plug-and-play vending in boba shops, K-Fan retail, GameStop. Zero inventory risk for hosts.

02

VIA × FlowMark

Trust Layer

VIA records every transfer permanently — the circulation ledger of cultural assets. FlowMark turns that data into explainable, auditable price signals. Together: a trusted circulation environment.

03

RePool

Recirculation Layer

Multi-source supply · dynamic scarcity · index calibration. Cards re-enter after each owner — supply renews through circulation, not through new issuance.

04

SaaS

Orchestration Layer

Issuance, authentication, execution, settlement, recirculation under one cohesive layer. Shopify × PSA × Stripe — but as one execution system, not separate tools.

05

AI × Skills

Execution-Optimization Layer

AI calls the Skill; the Skill executes the SaaS rules. Standardized, open for external invocation, and self-improving as data accumulates.

Two Firsts in This Industry

Two structural innovations no incumbent can replicate.

RePool · Industry First

One card. Multiple circulation rounds.

Within RePool, asset value does not decay through circulation — it accumulates because of it.

A single card can enter multiple circulation rounds — re-draws, resales, recycling, and regeneration. Supply does not deplete through consumption; it renews through circulation. One-time consumption is transformed into sustainable, multi-scenario trading opportunities.

IFCI · Industry First

Recording market judgments through circulation. Attributing them, continuously.

A protocol-level mechanism. Not revenue. Not a scale metric. Not a return promise.

IFCI is an ongoing allocation based on an IP's measurable contribution across the circulation lifecycle — weighting emerges from protocol-recorded circulation behavior, not issuance scale. Incentives split 50/50 between a major-IP pool and an original-creator pool; each pool competes within itself, so original creators receive structural protection. Not primary-issuance revenue. Not platform profit-sharing.

VIA · Visual · Integrity · Authentication

Trust travels with the asset. Authenticity compounds over time.

VIA is not merely an authentication system — it is the authentication and recording layer for cultural assets upon entering the system.

In traditional markets, systems record only ownership, price, and transactions. But what truly creates cultural value — ownership history, circulation path, community participation — has never been systematically recorded. VIA establishes the circulation ledger of cultural assets. When a card enters the PixUP ecosystem, VIA records issuance source, authentication status, circulation path, holding history, and recirculation behavior.

VIA-generated digital certificates are based on an immutable record structure. AI-based image matching and duplicate detection are completed automatically at intake; every circulation event is then appended to the asset's history and cannot be unilaterally modified or deleted. These records form the raw data foundation for RePool governance and FlowMark pricing.

VIA is where the moat starts. The more data accumulates, the harder it gets to replicate.

Certification = Entry Qualification

Trust is not a claim — it is a precondition

Uncertified assets do not enter RePool.

Certificate = Circulation History

Each handoff extends the historical record

The VIA digital certificate updates with every transfer. A card's value accumulates with its circulation history.

Data = System Fuel

More nodes, denser data, sharper pricing

VIA's accumulated authentication data drives FlowMark price signals. This is the true source of PixUP's scale advantage.

Why Now

The behavior already exists. The infrastructure does not.

Six structural forces are converging. PixUP sits at the intersection — not building demand, but building the missing layer beneath it.

Force 01

Demand Validated

TCG sellouts. K-pop mainstream. Demand is no longer uncertain — only the infrastructure beneath it is.

Force 02

Supply Without Rails

Issuance is accelerating. Authentication and recirculation remain fragmented. Scale without infrastructure creates noise.

Force 03

AI Content Inflation

When images are infinite, only verifiable circulation history is scarce. Whoever owns that layer owns the market.

Force 04

Distribution Automation

Vending is now the most capital-efficient retail format. Staffed retail is structurally uncompetitive.

Force 05

Collector Behavior Shifts

Gen Z holds and trades collections like financial positions. Repeated circulation is replacing one-time ownership.

Force 06

Capital Needs Standards

Institutions need auditable, reusable consumer asset structures. Existing collectibles lack both.

Infinite Content · Scarce Admission

AI generates the supply. PixUP defines the gate.

AI isn't the product. It runs in the background — identification, pricing, circulation. AI isn't our pitch. Most companies are racing to make AI generate more content. PixUP does the opposite — we build the protocol that decides what earns the right to circulate.

When images can be generated infinitely, scarcity no longer lies in content itself — but in cultural assets with verifiable origin, traceable circulation, and persistent attribution. PixUP's circulation authentication architecture is compatible with C2PA industry standards.

Issuance · Origin of Trust

Closed at the source.

Only authorized IPs, registered Local Creators, and PixUP's own SKUs may enter the first issuance. Unauthorized products cannot enter the PixUP protocol from the issuance end.

Verification · Gate of Entry

Identity built from real history.

VIA performs origin verification, batch matching, and optical identification at intake. Every card carries a protocol-level identity that cannot be reproduced by image generation. No VIA, no RePool.

Circulation · Assets in History

Every transfer extends the record.

RePool records every transfer. Circulation is no longer a one-time event, but an asset history that continuously accumulates. With every issuance and every circulation, contribution is recorded and persistently attributed.

Unit Economics

Profitable at the node. Explosive at scale.

Every CVM is profitable before any subsidy. Network value compounds through circulation density.

$15
Pack Retail Price · 5 cards
$6.65
Platform Net per Pack
~83
Floor Volume · per Month
$550+
Net Revenue Floor · per CVM
5.5 mo
Payback per CVM

Once the loop closes, the target is not a few hundred locations — it's a nationwide network of tens of thousands of terminals, online and offline, operating as one circulation ecosystem.

Revenue

Six revenue streams. Value captured at every stage.

PixUP earns at issuance, authentication, execution, settlement, recirculation, and on consumables. One card. Many transactions. Many fees. Many price points.

Stream 01
Infra Services

SaaS subscriptions across the chain.

From IPs, creators, custodians, and retail nodes. Costco-style recurring revenue. Predictable cash flow. The system runs on standard rails.

Stream 02
Trust & Settlement

VIA authentication and settlement fees.

High-margin. Data-rich. Demand-driven. Every certified asset and every settled transaction generates a fee — and contributes data that sharpens FlowMark pricing.

Stream 03
Circulation Activity

CVM commissions plus every recirculation.

A cut of every RePool reallocation and resale — revenue grows as assets keep circulating. A portion of secondary-circulation fees gets redistributed at the protocol layer (IFCI), based on circulation contribution.

Stream 04
Usage-Linked Consumables

GlowUP consumables.

Recurring revenue tied directly to handling and circulation frequency. The more the cards move, the more the consumables sell. Tightly coupled to network throughput.

Stream 05
Online Marketplace Access

Live Break and secondary resale fees.

Optional. Used where liquidity is needed. PixUP doesn't compete with marketplaces — it provides the protocol-level access layer above them.

Stream 06
Optional Extensions

VVCV-backed institutional structures.

Once VVCV scales, institutional-grade financing kicks in — asset-backed structures and operational float, built on real circulating cash flows. Optional. Not a prerequisite.

Capital Strategy

Equity builds the OS. Debt expands the network. Assets compound system value.

Three capital types. Three distinct jobs. Cold start: 12 months · 200 nodes · one protocol · first cash-flow loop.

Equity · $2.5M · 10% · $25M Post

Builds the operating system.

This round funds irreplaceable capabilities — GlowUP consumables and IP supply ($0.7M), 200-CVM cold-start buffer ($0.8M), VIA × FlowMark × RePool integration ($0.7M), legal and compliance ($0.3M). Not subsidy. Not narrative. Capability.

Debt · Rolling 12-Month Facility

Expands the physical network.

Once 200 CVMs validate the model, debt funds replicated deployment of validated node types. Refundable deposits and supply-chain payment terms. Target DSCR ≥ 1.5; nodes break even in ~5.5 months. Self-amortizing without equity dilution.

Assets · VVCV Foundation

Compounds long-term value.

VIA × FlowMark × RePool establishes a traceable, liquid recirculation foundation. Reserves and settlement deposits absorb inventory and circulation fluctuations — enhancing capital efficiency. Not a yield-commitment instrument.

12-Month Cold Start
200
CVM Deployments
LA Pilot 50 · GameStop · Hot Topic · Follett
5
MeetUP Vehicles
Campuses · Concerts · Conventions
10+
SKUs / IPs
K-pop · MrBeast · Local Creators · Labubu
Online Layer Live VIA · FlowMark · RePool · SaaS — closing the first protocol-level cash-flow loop.
Team

Execution ownership across every lifecycle layer.

Will

MBA
Founder & CEO · Protocol Architect

Conceived the core circulation and settlement architecture behind PixUP. Former EA management; led the China-operations licensing of a Korean MMORPG. Designs the circulation logic, incentive structure, and ecosystem architecture behind PixUP.

John

MS ISM
Infrastructure & Systems Architecture

Conceived PixUP's scalable execution and infrastructure framework. Management experience at a top-tier semiconductor & infrastructure-software company. Designs the execution layer, system scalability, and settlement infrastructure behind PixUP.

Alan

Card Issuance & Market Activation

Leads PixUP's card issuance strategy and market activation framework. Led end-to-end card releases for a globally top-grossing game IP. Designs issuance mechanics and engagement loops that drive sustained circulation beyond first sale.

Zoe

O2O Network & Node Expansion

Leads PixUP's online-to-offline node expansion and retail deployment strategy. Experienced in scalable retail operations and distributed network coordination. Standardizes node replication, retail partnerships, and Live Break operations across PixUP's circulation network.

Jasmine

Creator Community & Local Supply

Leads PixUP's creator ecosystem development and local supply expansion. Experienced in creator onboarding, community growth, and content coordination. Designs the creator pipeline from onboarding and issuance to recirculation within RePool.

Lan

CPA
Settlement & Clearing Systems

Leads PixUP's settlement, ledger, and financial-control architecture. CPA with experience in payments, reconciliation, and compliant financial operations. Designs the auditable clearing, reserve, and compliance framework behind PixUP's circulation protocol.

Infrastructure isn't about per-transaction profit.
It's about who controls circulation and settlement.

Over time.

AI makes content infinite. PixUP makes circulation count.
One protocol to settle it.
In hindsight, this will be obvious.

— PixUP, Beyond the Traditional Model
The Round

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Round TypeAngel Round · 2026
Round Size$2.5M
Equity Offered10%
Post-Money Valuation$25M
StructureDelaware C-Corp · SAFE / Convertible Note
12-Month Target200 CVM nodes · US
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