Web3 Agency Artifact Labs Raises $3.25M From Blue Pool Capital, Animoca, Others

Artifact Labs, a Web3 firm that works to protect data of historic occasions on the blockchain, has closed a $3.25 million funding spherical.

The spherical was led by Blue Pool Capital, with Animoca Ventures additionally taking part. Blue Pool Capital, is a fund that principally invests the wealth of Alibaba founders Jack Ma and Joe Tsai.

Artifact Labs mentioned within the launch it plans to make the most of the funds to broaden the corporate’s operations, emphasizing a rise in builders.

“It’s not about creating new IPs for hypothesis – for instance NFT hype tasks – it’s about driving new engagement with traditionally important collections by utilizing Web3,” Phillip Pon, CEO of Artifact Labs, mentioned in a launch. “We need to carve new area within the youthful public’s consciousness for historic manufacturers and artifacts…whereas supporting these vital organizations with new income streams to fund their preservation work, we’re additionally solidifying immutable on-chain knowledge preservation by way of NFTs.”

Artifact Labs was initially incubated by Hong Kong’s South China Morning Publish (SCMP). In 2021 the SCMP launched a non-fungible token (NFT) commonplace known as ARTIFACT for recording historic knowledge.

All through 2021 and 2022, the newspaper had a brisk enterprise of promoting NFTs of its historic entrance pages, together with the handover of Hong Kong to China in 1997, the Avian flu outbreak, the Asian Monetary Disaster, and the dying of the U.Okay.’s Princess Diana.

Artifact Labs mentioned in a launch that will probably be releasing NFT collections as a income stream for preservation organizations in addition to creating and releasing know-how to assist establishments protect their archives on-chain.