The establishment of ‘Artifact Labs’ would hasten the development of decentralised applications that will bring historical assets onto the blockchain and link collectors and communities all over the world.
As an independent company, ‘Artifact Labs’ will be better positioned to generate long-term development in its blockchain business while also adding value to the Post’s readership, users, content creators, partners, and other stakeholders. The new company intends to develop a marketplace for the sale and trading of historical NFTs, which will cater to a growing community of collectors, publishers, libraries, museums, and other historical institutions.
The Post will remain a shareholder in ‘Artifact Labs’
And will seek outside funding to assist fund the company’s expansion. SCMP’s income and enterprise value will increase faster as a result of this investment in the Web3 future of media, while the publishing company can stay focused on its core goal of providing fact-based journalism and impartial analysis to millions of readers around the world.
The news follows the successful introduction of ‘ARTIFACTs by SCMP’ on March 14, the Post’s inaugural NFT drop, which included the publication’s contemporaneous capture of historical events and created historical NFTs as a new digital asset class.
“Blockchain holds great potential for the media industry and SCMP is committed to leading in technological innovation and new business development. The founding of ‘Artifact Labs’ is part of this mission,” said SCMP CEO Gary Liu. “We expect that millions of people will own ARTIFACTs issued by media, historical and cultural organisations around the world, and that historical NFTs will be the gateway for many users into Web3.”
As part of the strategic expansion into the Web3 future, Liu will take on responsibility to oversee the expansion of ‘Artifact Labs’ while remaining CEO of SCMP during a global search for a successor for the publishing group. Upon the appointment of a new CEO for the Post, Liu will transition fully to ‘Artifact Labs’.
“SCMP’s creation of ‘Artifact Labs’ to explore the potential of blockchain applications for media is a transformational step for our 118-year old organization,” said Joe Tsai, Chairman of SCMP. “With his experience running a news organization and extensive expertise in technology, Gary is the perfect person to lead our new effort in Web3 and explore future growth opportunities for SCMP,” Tsai said of Liu. “I look forward to closely working with Gary to transition the leadership of our publishing group as we continue to fulfil our commitment to supporting the long-term growth of SCMP.”
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