Final 12 months, the South China Morning Publish of Hong Kong cut up off its NFT enterprise into a brand new firm known as Artifact Labs.
Artifact Labs, a Web3 firm that works to maintain information of previous occasions on the blockchain, has closed a $3.25 million funding spherical.
Blue Pool Capital led the spherical, and Animoca Ventures additionally took half. Blue Pool Capital is a fund that primarily invests the fortune of Jack Ma and Joe Tsai, the founders of Alibaba.
Artifact Labs said in a press launch that it intends to make use of the funds to increase the corporate’s operations, with an emphasis on hiring extra builders.
“It’s not about creating new IPs for speculation – for example NFT hype projects – it’s about driving new engagement with historically significant collections by using Web3,” Phillip Pon, CEO of Artifact Labs, stated in a launch. “We want to carve new space in the younger public’s consciousness for historical brands and artifacts…while supporting these important organizations with new revenue streams to fund their preservation work, we are also solidifying immutable on-chain data preservation through NFTs.”
Artifact Labs secures $3.25M to protect historic information
South China Morning Publish (SCMP) in Hong Kong was the primary firm to assist Artifact Labs develop. In 2021, the SCMP launched ARTIFACT, an ordinary for non-fungible token (NFT) for recording historic knowledge in 2021.
In 2021 and 2022, the newspaper did a brisk enterprise promoting NFTs of its historic entrance pages, such because the 1997 give up of Hong Kong to China, the Avian flu outbreak, the Asian Monetary Disaster, and the demise of Princess Diana of the UK.
Based on a press release from Artifact Labs, the corporate intends to generate income streams for preservation organizations by launching NFT collections. Moreover, Artifact Labs plans to develop and introduce new expertise that may help establishments in preserving their archives on the blockchain.
Content material Supply: coindesk.com
