Artifact Labs, a pioneering Web3 company focused on preserving records of historical events on the blockchain, has successfully concluded a funding round, raising an impressive $3.25 million. The funding round was led by Blue Pool Capital, a prominent investment fund associated with the wealth of Alibaba founders Jack Ma and Joe Tsai. Additionally, Animoca Ventures participated in the round, demonstrating confidence in Artifact Labs’ vision.
With this new injection of funds, Artifact Labs aims to expand its operations, with a particular focus on bolstering its team of developers. The company intends to leverage the funding to drive greater engagement with historically significant collections, utilizing the power of Web3 technology rather than merely creating speculative projects such as NFT hype ventures.
Phillip Pon, the CEO of Artifact Labs, emphasized the company’s mission to create a lasting impact by fostering new interest in historical brands and artifacts among the younger generation. By doing so, Artifact Labs aims to support important organizations dedicated to preserving historical treasures while simultaneously generating new revenue streams through innovative approaches.
A notable aspect of Artifact Labs’ journey is its association with Hong Kong’s renowned South China Morning Post (SCMP). Initially incubated by the SCMP, Artifact Labs has thrived since its inception. In 2021, the SCMP introduced ARTIFACT, a non-fungible token (NFT) standard specifically designed for recording historical data.
Throughout 2021 and 2022, the SCMP experienced considerable success by auctioning NFTs of its historical front pages. These front pages featured significant events like the handover of Hong Kong to China in 1997, the Avian flu outbreak, the Asian Financial Crisis, and the tragic demise of the U.K.’s Princess Diana.
Artifact Labs’ vision extends beyond the sale of NFTs. By solidifying on-chain data preservation through NFTs, the company aims to create an immutable record of historical events. This approach aligns perfectly with its goal of preserving the past and creating meaningful connections between historical artifacts and the present generation.
Overall, Artifact Labs’ successful funding round paves the way for expanded operations and heightened engagement with historical collections. With its emphasis on Web3 technology and the preservation of historical data, the company is poised to make a lasting impact on the preservation and appreciation of historical brands and artifacts in today’s digital age.