A Manchester non-fungible token startup has raised £3.5 million from crypto investors.
Launched out of a Manchester basement in 2018, KnownOrigin was one of the first NFT art platforms to launch. It showcases and sells digital artwork in the same way as physical pieces.
Built on the Ethereum blockchain, the platform enables everyone to discover, collect, buy and sell digital art NFTs. It also serves as a direct link between artists and the NFT space.
It facilitates purchases via its smart contract platform and protocol, allowing the artist to receive instant remuneration. In addition to buying at the asking price, users can bid on artworks, while artists can also control pricing models and gift NFTs.
KnownOrigin has also worked with brands such as Adobe, Adidas and Netflix and developed a royalties system that allows artists to earn money through secondary sales.
In the past year, the platform has generated more than £20 million in sales and seen a tenfold increase in unique collectors and creators.
“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 5,000 creators who are selling NFTs to collectors around the world,” said co-founder Andy Gray.
The Series A funding round was co-led by crypto venture capital firms GBV and Sanctor Capital.
Fellow co-founder David Moore said: “We approached our funding round with care, seeking out investors who share our vision of helping digital creators monetise their craft.
“The £3.5m raised will be reinvested into the business to further support artists in the space going forward.”
A third co-founder, James Morgan, added: “Funding will enable KO to not only grow and innovate but to build the ecosystem we envisage.
“NFTs have bloomed in the last year and there is 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.”