Artifact Labs, a Hong Kong-based non-fungible token (NFT) firm, introduced on Monday that it raised US$3.25 million in its seed financing spherical led by Blue Pool Capital and Animoca Ventures.
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- Artifact, a derivative of Hong Kong newspaper South China Morning Submit (SCMP), mentioned in a press release that it might use the funds to broaden operations with a main give attention to growing its technical headcount.
- “It’s not about creating new [intellectual properties] for hypothesis — for instance NFT hype tasks — it’s about driving new engagement with traditionally vital collections by utilizing Web3,” mentioned Phillip Pon, chief government officer of Artifact Labs. “We wish to carve new area within the youthful public’s consciousness for historic manufacturers and artifacts.”
- Artifact added that it plans to launch NFT collections as a income stream for preservation organizations.
- Gary Liu, founding father of Artifact Labs and a former CEO of the SCMP, mentioned in an interview final December that NFTs should possess inherent worth past being endorsed by a bunch of individuals.
- “There must be intrinsic worth within the asset itself or the underlying asset that it represents. That’s what’s going to drive NFT innovation,” mentioned Liu.
- In February, the NFT startup partnered with RMS Titanic Inc, a company that shows the wreckage of the well-known sunken ship, to mint NFTs primarily based on about 5,500 bodily artifacts that had been recovered from the ship.
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