Manchester startup that lets you discover rare digital art and collect £3.5m NFT rakes

To democratize the art world by providing artists with easier transaction processes, Manchester-based art startup NFT (non-fungible token) known origin raised £3.5m in funding. The Series A round was co-led by crypto venture capital firms GBV and Sanctuary Capital.

Launched from a basement in Manchester in 2018, art platform NFT 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 work with over 5000 creators selling NFTs to collectors around the world.

To further expand its reach, the company has actively sought 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 monetize their craft. Funding will be reinvested into the venture to further support space artists.

According to James Morganco-founder, KnownOrigin, NFTs have blossomed over the past year and there’s a danger of pushing space into bad habits that persist in the Web 2 world. “We want a thriving ecosystem without permission, transparent and equitable where creators and collectors can engage in cultural excellence and experience,” he said.

In the past year, they’ve generated over $30 million in sales and increased the number of unique collectors and creators tenfold. The company has partnered with brands such as Adidas, Netflix and Adobe and also created a new royalty system to ensure independent artists instantly receive royalties whenever their work is sold.

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