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Artifact Labs, a Web3 company dedicated to preserving historical events on the blockchain, has successfully concluded a funding round worth $3.25 million.
Blue Pool Capital, a fund that invests the wealth of Alibaba founders Jack Ma and Joe Tsai, led the funding round, with Animoca Ventures also participating.
According to a statement released by Artifact Labs, the company plans to use the funds to expand its operations, with a focus on hiring more developers.
CEO Phillip Pon emphasized that the company aims to create new engagement with historically significant collections using Web3, rather than solely creating new IPs for speculation.
Pon stated, "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 was initially incubated by the South China Morning Post (SCMP) in Hong Kong. In 2021, the SCMP launched a non-fungible token (NFT) standard called ARTIFACT for recording historical data.
Throughout 2021 and 2022, the newspaper sold NFTs of its historical front pages, including the handover of Hong Kong to China in 1997, the Avian flu outbreak, the Asian Financial Crisis, and the death of Princess Diana in the UK.
The funding round's success indicates a growing interest in the use of blockchain technology for preserving historical data. Artifact Labs' mission is to leverage Web3 technology to create engagement with historical artifacts and brands while supporting organizations with new revenue streams to fund their preservation work.
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