Origyn Foundation is a Swiss nonprofit working in fintech and dedicated to identifying, authenticating and unlocking the powers of ownership for objects of value. The organization has raised $20 million from investors like Bill Ackman’s Table Management, Polychain Capital, Paris Hilton, Coinko, Vectr Ventures, Carter Reum, Div Turakhia, GD10 Ventures and more. Ahead of the foundation’s public token release, this private round now values Origyn at $300 million.
We are excited to announce the visionary institutions and people partnering with @ORIGYNTech as we bring NFTs to life. Read the details of our strategic funding round at: https://t.co/YKtncBmd12 #OGY #ORIGYNFoundation
— ORIGYN Foundation (@ORIGYNTech) November 23, 2021
Founded in October of 2020, Origyn offers smartphone users a way to authenticate objects of value with digital certificates. ORIGYN is led by its founding partners and council members Gian Bochsler, Vincent Perriard and Mike Schwartz, as well as by CEO Daniel Haudenschild. The foundation’s technology certifies and guarantees the authenticity of physical and digital items using advanced recognition and identification techniques created by leading experts in computer vision, artificial intelligence and decentralized infrastructure. It also unites the greatest contemporary players across select industries to protect, celebrate, elevate and reward creativity through its novel approach to NFTs.
So what is NFT and why should anyone buy one anyway?
Well here’s the deal. A Non-Fungible Token (NFT) is a kind of cryptocurrency like Bitcoin. Only in this case, it is a specific digital file whose unique identity and ownership are verified on a blockchain. NFTs can be bought with cryptocurrency and resold. NFTs have different values and so they are not interchangeable.
Confused? The keyword here is fungible. This means something that has a set value. So Bitcoin has a set value for each coin at whatever the going rate is. So all Bitcoins are equal in value at all times. But each NFT is unique. And the NFT itself is not used as a currency.
This is why billionaires like Mark Cuban and Marc Benioff are so interested in NFTs. In April, the two joined actor Ashton in a $9 million Series A round of funding in the NFT platform startup SuperRare.