Paris Hilton Catches NFT Fever, Bets On ORIGYN $20M Raise

Socialite Paris Hilton has taken a big interest in the crypto space, particularly in Non-Fungible Tokens (NFTs). Per a press release, Hilton participated in a $20 million raise for the ORIGYN Foundation, a Swiss-based nonprofit organization with the objective of “unlocking the powers of ownership for objects of value”.

Related Reading | Understanding The Recent NFT Hype

The organization is behind a digital certification platform running on top of the Internet Computer called ORIGYN. This platform supports collectibles, digital media, luxury goods, art, and other asset classes. The project attempts to “bring NFTs to life with biometric data and unique ownership experiences”.

In addition to Paris Hilton, the $20 million strategic raise saw participation from some of the biggest names in the crypto space, including Coinko, Vectr Ventures, Carter Reum, Div Turakhia, GD10 Ventures, Bill Ackman, and others.

This event precedes an incoming token release, expected to be deployed in 2022 with the project’s digital certificates, and puts ORIGYN at a $300 million valuation. The token called OGY will be available for public trading next year and will be used for consumers to access the platform’s “core services” and “create and transact certificates of authenticity”.

According to the press release, the funds raised will be allocated to the “expansion and continuous improvement of ORIGYN’s verticals” as per those community members that participate in their governance model.

In addition, the foundation plans to finance Research and Development (R&D) initiatives and attract more partners into its ecosystem. Daniel Haudenschild, CEO of ORIGYN Entreprise SA, said the following on their recent raise:

We’re incredibly fortunate and excited to include so many influential names in this funding round. ORIGYN is unique in what it brings to this world. It’s a sign of support for what ORIGYN is trying to achieve—using technology to solve for identity, authenticity and proof of ownership.

Why Paris Hilton Has Bet Big On The NFT Sector

2021 has been a crypto and NFT year for Paris Hilton, the socialite has been embracing this industry more openly after revealing that she has held certain cryptocurrencies for several years. In a post titled “I’m Excited About NFTs-You Should Be Too”, Hilton explains in more detail the motivations behind her interest in digital assets.

Therein, Hilton claims that the NFT space has allowed her to “combine all of my creative passions” and classified this nascent asset class as the “future of the creator economy”. In addition, Hilton names some of the factors that will enable NFTs to revolutionize different sectors and drive a “mind-blowing” change for artists. Hilton wrote the following:

I plan to go big with NFTs, innovating, investing and collecting (…). Using NFTs, talented artists can reach audiences and potential buyers without an agent or a distributor, who would charge a fee or take a cut of a sale. Basically, NFTs put more power in the hands of the creators, and that’s something I’m proud to be part of.

Her investment in ORIGYN backs this statement and is prove that the socialite has and will continue to bet on this industry for the long haul.

Related Reading | The Andy Milonakis NFT Show, EP. 13 – Goat Soup

As of press time, Internet Computer (ICP) trades at $41,91 with sideways movement in the daily chart.