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- 1 The sale of NFT series handover of Hong Kong from the U.K to China generated $260, 000 in sales.
- 2 When this observation is made by Artifact Labs, then they plan to tokenize the historical artifacts.
The artifact was separated from the South China Morning Post, one of the foremost trusted newspapers in Hong Kong. It was once owned by Alibaba in 2015 for $262 million. Its first project includes a non-fungible token on the front page of SCMP from 1997. The importance of the event of a particular day describes each item’s uniqueness. The reason behind it is that they want to make it fixed and approachable.
A New Journey of Artifact is Started
Artifact has started a new journey after leaving the parent company. Recently, Artifact announced that it had raised $3.25 million from Blue Pool Capital, Animoca Ventures, and others.
Amonica, the leading Bitcoin technology company, also heavily invests in web3. They also believe that NFTs are the future, so they are happy to contribute to accessing digital assets.
Artifact works with many partners to boost NFT transactions. Creating a token on a blockchain is done on Blocto wallets. But it can also mint NFTs with other chains, including Ethereum, polygon and BSC. The company has already received grants from Dapper Labs. It creates the NFT series, Filecoin, and a decentralized storage solution.
The setup is working on an internal technical stack, also. For a confidential amount of time, it has purchased the source code of Refinable. It is an NFT infrastructure provider. This purchase will allow Artifact to develop a decentralized NFT marketplace. The company will also spend basic funding, including the technical headcount.
Besides, going into the marketplace, Artifact does not see itself as a competitor to OpenSea. It wants to focus on traditional institutions. Pon stated- “We are building a marketplace for museums and cultural institutions.” He also clarifies admiring OpenSea, but maybe they are a bit more.
In the budding crypto industry, the basic pieces are still taken from developers, and projects are making immense improvements. This is an area of on-chain preservation work. Artifact outlined a new metadata standard in a proposal to Ethereum.
Artifact Labs is on priority in this domain after the release of EIP-6596, which everyone believes is an important standard for museums.
Artifact is geographically positioned to tap a large number of collectors. Hong Kong is an emerging Asian hub.
The company is in official talks with major museums to help create the chain version of their collections. The prey clients also include long-running multinationals. It targets different communities. They have 17,000 members in its Discord community, according to Pon “ It monetizes by charging fees from its institutional and IP partners and will explore a revenue sharing model with its clients in future NFT sales.”
After the announcement of legalizing crypto retail trading, Artifact NFT and other web3 businesses in Hong Kong are on the rise. It will provide the necessary infrastructure for everyday consumers to trade digital assets.
It is focused on global expansion. Targeted to set the major museum hubs like New York, Paris, and London. Planning, they have a staff of around 16 who are placed out of Hong Kong.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
