The Manchester-based startup KnownOrigin secured over £3.5 million in new funding to support its community of emerging artists. The two crypto capital venture firms GBV and Sanctor Capital led the funding.
Founded in 2018, KnownOrigin provides an open and accessible way for artists to sell NFTs. Since then, the platform has worked with more than 5,000 content creators. Last year, KnownOrigin generated more than $30 million in sales. Its community has also increased tenfold.
Company Co-Founder, David Moore, commented: “We want to help digital creators monetise their craft. The funding will be reinvested into the business to further support artists in the space.” 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.
KnownOrigin was one of the first NFT marketplaces 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. Furthermore, it gives artists the opportunity to create unique, authentic digital collectibles in the form of NFTs.
KnownOrigin 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. Another key point is that artists can control pricing models and gift NFTs.
NFTs have opened the once-exclusive art market, enabling emerging artists to sell their works without having to have a gallerist or manager represent them. Marketplaces such as KnownOrigin, SuperRare and Foundation are among the most popular in the art NFT space.
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