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Artifact Labs, a Web3 company focused on blockchain-based preservation of historical records, has successfully concluded a funding round of $3.25 million.

Blue Pool Capital, a fund that manages the wealth of Alibaba founders Jack Ma and Joe Tsai, led the funding round, with participation from Animoca Ventures.

Artifact Labs has announced its intention to leverage the funding it received to expand the scope of its operations. The primary objective is to boost the company's developer team, with a view to increasing productivity and accelerating progress on ongoing projects.

“It’s not about creating new IPs for speculation – for example NFT hype projects – it’s about driving new engagement with historically significant collections by using Web3,” Phillip Pon, CEO of Artifact Labs, said in a release. “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 originally established as an incubator project by the South China Morning Post (SCMP) of Hong Kong. In 2021, the SCMP introduced an NFT standard named ARTIFACT, designed for the purpose of recording historical information.

Over the course of 2021 and 2022, the SCMP enjoyed significant success in the sale of NFTs featuring historical front pages, such as the handover of Hong Kong to China in 1997, the Avian flu outbreak, the Asian Financial Crisis, and the passing of Princess Diana of the U.K.

Artifact Labs has revealed its strategy to create revenue streams for preservation organizations through the release of NFT collections. This move is part of the company's larger goal of using blockchain technology to preserve historical records. In addition to this, Artifact Labs plans to develop and release new technology to assist institutions in safeguarding their archives on the blockchain, ensuring they remain accessible for future generations.

Source Coindesk