Artifact Labs, a Web3 company on a mission to ‘Preserve and Connect History on the Blockchain’, announced that it has acquired the source code of Refinable Limited, the go-to Web3 platform for NFT creators. The acquisition was agreed for an undisclosed sum.
Artifact Labs emerged from a Web3 venture within the South China Morning Post (SCMP), and has since gone on to launch notable NFT projects with major cultural organizations such as RMS Titanic Inc and The Hong Kong Philharmonic Orchestra. The acquisition will enable Artifact Labs to accelerate the development of its Web3 product roadmap, including the creation of a decentralized marketplace for NFTs. With Refinable’s tech stack integrated into its own efforts, Artifact Labs will be able to leverage the innovative features Refinable has launched over the last two years. That includes creator tools, no-code accessibility, and an NFT-as-a-Service model.
“We are thrilled to have reached this agreement with Refinable to acquire their highly innovative tech stack. The team at Refinable has done an excellent job of building a robust, scalable platform for the creation and exchange of NFTs. This tech will now allow Artifact Labs to rapidly accelerate our product roadmap and continue our mission to serve culturally significant organizations exploring Web3 business models,” said Phillip Pon, CEO of Artifact Labs.
“It’s exciting to see Refinable enter this next stage as an extension of Artifact Labs. Our vision and values are very much aligned, with a shared mission to reduce friction for businesses transacting onchain with digital assets. This acquisition is also heartening validation of the years of work our team has put into building an innovative platform that enables widespread NFT adoption,” said Nicholas Chan, Co-founder of Refinable.
The acquisition comes as NFTs and digital assets are attracting increasing interest among consumer brands and heritage organizations. Artifact Labs aims to onboard culturally significant brands and IPs into Web3. The creation of its decentralized marketplace for NFTs is one major key to achieving that goal.