Artifact Labs bags $3.25 million in funding round to boost its success in the NFT market.

This is a Web3 company based in Hong Kong. They recently announced that they closed a $3.25 million funding round led by Blue Pool Capital and Animoca Ventures.

The momentum of companies developing Web3 products, content, games, and other NFT-related matters continues to rise despite the general crypto market context. Last year, we saw various events that led investment firms to back certain NFT projects.

One example is Ubisoft and Take Two supporting Horizon, a company developing NFT games using blockchain technology. Horizon successfully secured a Series A funding round, thanks to the support of major investors such as the aforementioned companies.

Another success story is that of  Intella X, a Neowiz Web3 gaming platform that raised over $12 million in funding to carry out its platform development.

 Artifact Labs joins the list of companies that have successfully raised funding rounds to carry out their NFT projects. In this case, Blue Pool Capital and Animoca Ventures are the main responsible for leading the success achieved by the Hong Kong-based company, closing the round for a sum of $3.25 million.

In an official statement from the company, they announced the news and mentioned that the funds received will be used to expand their operations with a main focus on increasing their technical team.

Blue Pool Capital is an investment firm based in Hong Kong that manages the assets of Joe Tsai, top management members of the company, and a group of other long-term investors. The firm invests in all kinds of assets, such as venture capital, cryptocurrencies, public and private equity, among others.

On the other hand, Animoca Ventures is the venture capital arm of game developer Animoca Brands. In this regard, this section is responsible for financing and supporting Web3 projects that seek to become major companies of the internet of the future.

Phillip Pon, CEO of Artifact Labs, stated that it’s not about creating new intellectual property rights through speculation, such as through the hype of new NFT projects, but about driving a new commitment to collections that have significant history through the use of Web3 technologies.

Gary Liu, founder of Artifact Labs and CEO of SCMP, expressed in a December interview the inherent value of NFTs, stating that there must be some sort of intrinsic value in the asset itself, or in the underlying asset it represents. This way, innovation can be directed towards non-fungible tokens.

In addition, the company stated that one of their plans is to launch NFT collections as a new source of income to achieve the preservation of various organizations.

Artifact Labs’ beginnings date back to 2021 when they launched their first non-fungible token standard called “Artifact” with the aim of storing historical data.

An example of Artifact Labs’ partnerships dates back to February, when they converted physical objects that survived the Titanic accident into NFTs. This was made possible through the partnership of the company with RMS Titanic and Venture Smart Financial Holdings.

Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.