Ayoken, NFT Marketplace for Creatives Secures $1.4m to help Creatives earn more through Digital Collectibles
Ayoken, a Non-Fungible Token (NFT) marketplace for creatives, has secured $1.4 million in a pre-Series A round led by Founders Factory Africa, Yepxas-based Kon Ventures, Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures to help creatives grow their revenue streams through digital collectibles.
Joshua King, the CEO, and Founder of Ayoken in a chat with TechCrunch described the marketplace as a “bridge between fans and artists,” giving fans a sense of ownership in their idols’ achievements. It will offer digital collectibles from musicians, sports brands, and influencers from around the world.
Fans would be able to get tokens such as behind-the-scenes footage and album art, he claimed. Through the NFT marketplace, NFT holders will also have access to unreleased music and special live events by the creatives.
“VIP passes will allow fans to listen to music by these artists before it is released on Spotify, YouTube, or Apple Music.” Fans will also receive discounts on future events.”
Ayoken will release NFTs of several big African artists and others around the world in the coming months, according to King.
The startup has already teamed with KiDi (Dennis Nana Dwamena), a Ghanaian afrobeat artist, for his first NFT release on June 1st. The cross-chain marketplace (which is presently built on the Avalanche blockchain) already accepts crypto and card payments, but King said the business hopes to integrate mobile money in the future to make it easier for individuals in growing regions like Africa to trade. To make this a reality, King said they are in talks with various operators on the continent.
“We are reducing friction points for the users by letting people use their cards instead of having to use crypto to buy, we are working on partnerships with telcos that will allow people to use mobile money to make the payment in the future too. Nothing comes close to what we are doing and that is why we can sign some of the biggest names in the creative industry,” he said.
When users buy NFTs or recommend others, they will receive token (Ayo) rewards, which they can later redeem for NFTs.
Unlike other NFT markets, they have distribution partners to promote NFT drops, including YouTubers, influencers, newsletters, crypto exchanges, and telcos, according to King. This allows the creatives to reach a wider audience than simply their fans.
“This implies that celebrities don’t have to rely on their social media following to generate sales.” At the stroke of a button, they have instant access to millions of people all over the world. And unlike any other NFC marketplace on the planet, we take a unique method. “We also have a marketing agency that will assist these creatives with their first NFT drops,” King said.
“Any transactions produced through their social media campaigns will earn them (distribution partners) a revenue share.”
The startup intends to secure exclusive arrangements with musicians and form collaborations with telcos, as well as hire additional talent with the financing.
“A large chunk of the investment will go toward purchasing exclusive licensing and quadrupling our tech workforce, which includes developers and engineers,” he stated.