Artifact Labs Buys NFT Platform Refinable to Accelerate Product Roadmap By CIOTechOutlook Team

Artifact Labs Buys NFT Platform Refinable to Accelerate Product Roadmap

CIOTechOutlook Team | Tuesday, 18 April 2023, 03:28 IST

Refinable Limited's source code has been acquired, according to Artefact Labs, a Web3 firm with the goal of "Preserving and Connecting History on the Blockchain." Refinable Limited is the go-to Web3 platform for NFT producers. An undisclosed amount was agreed upon for the acquisition.

The South China Morning Post (SCMP)'s Web3 initiative gave rise to Artefact Labs, which later launched important NFT projects with influential cultural institutions as RMS Titanic Inc. and The Hong Kong Philharmonic Orchestra. With the acquisition, Artefact Labs will be able to develop its Web3 product roadmap more quickly, which will include building a decentralised market place for NFTs. Artefact Labs will be able to take use of the cutting-edge capabilities Refinable has introduced over the past two years by integrating Refinable's tech stack into its own initiatives. Creator tools, no-code accessibility, and an NFT-as-a-Service approach are all included.

"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 occurs at a time when consumer brands and heritage organisations are showing an increasing amount of interest in NFTs and digital assets.