Paris Hilton is obsessed with non-fungible tokens (NFTs) – and now she's backing a $300 million organization that claims to take digital art to the next level.
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Origyn, a Swiss foundation that offers smartphone users a way to authenticate items of value with digital certificates, has raised $20 million from investors including Paris Hilton and Bill Ackman's Table Management, according to a statement on Tuesday.
The technology offered by the non-profit foundation uses recognition and identification techniques created by experts.
“NFTs are the future for creators and collectors and this is just the beginning – I’m obsessed with them,” Hilton said.
The fundraising effort comes ahead of the foundation’s public launch and will be used for research and development. The certification platform was founded in October 2020 on the Internet Computer blockchain to create digital value for art, collectibles, digital media, and luxury goods.
NFTs became popular earlier this year amid a buzz about everything. However, the speculative sector has been marred by pump-and-dump schemes, with many tokens actually being duds.
See also: Ripple launches crypto service for financial companies
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Hilton has received praise for her commitment to WhaleShark, one of the world's largest NFT collectors. It's not her first investment foray, either.
Information source: bloomberg.com
