Artifact Labs, a Hong Kong-based non-fungible token (NFT) company, announced on Monday that it has raised US$3.25 million in a seed funding round led by Blue Pool Capital and Animoca Ventures lead the way.
Artifact, an arm of the Hong Kong newspaper South China Morning Post (SCMP), said in a statement that it will use the money to expand operations with a primary focus on increasing the number of technical staff .
“We wanted to create new space in the young public’s consciousness for historical brands and artifacts,” said Phillip Pon, chief executive officer of Artifact Labs .
Artifact added that it plans to release NFT collections as a revenue stream for conservation organizations.
Gary Liu , founder of Artifact Labs and former CEO of SCMP, said in an interview last December that NFT has intrinsic value.
“There must be intrinsic value in the asset itself or the underlying asset it represents. That’s what will drive NFT’s innovation,” Liu said.
In February, startup NFT teamed up with RMS Titanic Inc, a famous wreck exhibitor organization, to mint NFT based on about 5,500 physical artifacts recovered from the ship.