To democratise the art world by empowering artists with simpler transaction processes, Manchester-based art NFT (non-fungible token) startup KnownOrigin has raised a £3.5 million funding. The Series A round was co-led by crypto venture capital firms GBV and Sanctor Capital.
Launched out of a Manchester basement in 2018, the NFT art platform was born out of a desire to showcase and sell digital artwork in the same way as physical pieces. Andy Gray, co-founder, KnownOrigin said: “In 2018, we wanted to give creatives a more transparent way to sell their work. Fast forward to today and we’re working with over 5000 creators who are selling NFTs to collectors around the world.”
To further expand its reach, the company has actively sought out investment from blockchain innovators, crypto investors and prominent community members in the NFT space. David Moore, co-founder, KnownOrigin added: “We want to help digital creators monetise their craft. The funding will be reinvested into the business to further support artists in the space.”
According to James Morgan, co-founder, KnownOrigin, NFTs have bloomed in the last year and there is a danger of pushing space into bad habits that linger from the Web 2 world. “We want a permissionless, transparent, fair thriving ecosystem where creators and collectors can engage in culture excellence and experience,” he said.
In the past year, they have generated more than $30 million in sales and have seen a ten-fold increase in unique collectors and creators. The company has partnered with brands such as Adidas, Netflix, and Adobe and also created a new royalties’ system to ensure independent artists instantly receive royalties every time their work is sold.