The ORIGYN Foundation has raised $20 million, a funding round that saw the participation of well-known investors in the cryptosphere, but also in showbiz. This fresh capital will notably allow the Foundation to improve its authentication system for luxury goods, using NFTs.
ORIGYN’s funding round: Paris Hilton as investor
On November 23, 2021, the Swiss-based ORIGYN Foundation, announced in a press release the raising of $20 million, from renowned investors such as Bill Ackman’s Table Management, Polychain Capital, and Paris Hilton. This round of funding brings the Foundation’s valuation to $300 million.
ORIGYN develops an authentication system based on NFTs that uses the Internet Computer blockchain (formerly DFINITY) and artificial intelligence. NFTs serve as digital certificates for the identification and authentication of physical and digital luxury goods.
Paris Hilton describes NFTs as a way to innovate, “empower others and push the boundaries of how artists interact with their fans,” and ORIGYN is leading the charge in her words, “putting the power in the hands of artists, designers, creatives and collectors, which I am proud to be a part of.”
ORIGYN’s token launch: a tradable OGY in 2022
The release further reveals the foundation’s plans to launch its native utility token, OGY, by the end of the first half of 2022:
“ORIGYN will officially launch digital certificates across art, collectibles, digital media and luxury goods in the first half of 2022. The foundation’s utility token, OGY, will also become publicly exchangeable in 2022.”
The OGY will be required to interact with ORIGYN’s four main services – ORIGYN Art, ORIGYN Collectibles, ORIGYN Digital Media and ORIGYN Luxury.
The newly raised capital will allow the Foundation to enhance these services, but also to fund ongoing research and development.
ORIGYN was founded in October 2020. The ORIGYN Foundation follows in the footsteps of projects, such as WIneDEX which was designed to fight against the counterfeiting of fine wines, that take advantage of the possibilities offered by blockchain to propose a more efficient authentication system for luxury goods.