Ayoken NFT Marketplace Secures Pre-Seed Investment
Ayoken, a non-traditional currency (NFT) marketplace for creatives, has successfully acquired $1.4 million in pre-seed investment to provide its members with the ability to expand their income streams via the usage of digital collectibles. Ayokenlabs, the marketplace that the business is developing, will contain digital collectibles created by artists, sports companies, and influencers from all over the globe.
According to Joshua King, founder and CEO of Ayoken, the marketplace acts as a connection between fans and artists, and it also provides followers with a feeling of ownership in the success of their heroes.
According to him, fans would get access to tokens such as behind-the-scenes movies and album art when they purchase them via the NFT marketplace. NFT holders will also get additional benefits, such as access to unreleased songs and invitations to unique live events hosted by the creatives.
“Fans who purchase VIP tickets will be given the opportunity to livestream songs performed by these artists before it is made available on streaming services such as Spotify, YouTube, or Apple Music. According to King, who has worked in the fields of strategy, development and innovation consultation, and entrepreneurship for the last 14 years, “Fans will also
enjoy discounts for future events.” During the course of his career, he has worked to assist expand AZA (Bitpesa), a platform located in Nairobi that utilizes bitcoin to allow cross-border remittances. It was via this platform that he was first exposed to crypto and blockchain technology.
Ayoken aims to Release Non-Fiction NFT Books on Notable African Artists and Authors
According to King, Ayoken plans to release non-fiction books (NFTs) on some of the most prominent African artists as well as authors from other countries over the following several months. The company, which has its headquarters in London, has already collaborated with the Ghanaian afrobeats musician KiDi (Dennis Nana Dwamena) for his debut NFT drop, which took place on the first of June.
In spite of the fact that it is currently built on the Avalanche blockchain, the cross-chain marketplace, according to King, not only accepts cryptocurrencies and card payments but also plans to add mobile money. This is because the startup makes it easier for people to trade in emerging markets like Africa. King said that in order to make this a reality, they are now in the process of discussing agreements with a variety of carriers throughout the continent.
“We are decreasing friction points for the customers by allowing people to use their cards rather than being required to use cryptocurrency to purchase, and we are working on agreements with telecoms that will enable individuals to utilize mobile money to make the payment in the future as well.” According to him, “there is nothing that even comes close to what we are doing, and that is why we are able to sign some of the most well-known personalities in the creative sector.”
Ayoken Users will get Rewards and Incentives in Form of Tokens
When users purchase NFTs or recommend others to the platform, they will earn incentives in the form of tokens (Ayo), which they may then exchange for NFTs in the future. According to King, in contrast to other NFT markets, his company has distribution partners that include YouTubers, influencers, newsletters, cryptocurrency exchanges, and telcos to promote NFT drops. This enables the creatives to reach a larger audience than simply their fans.
The implication of this is that celebrities do not need to depend on the number of followers they have on social media in order to generate business. At the push of a button, they have quick access to millions of individuals located in different parts of the globe. In addition, our method is really unlike to that of any other NFC marketplace on the whole world. According to King, “we also have a marketing firm that is dedicated to assisting these creatives in achieving success with their initial NFT drops.”
They (the distribution partners) will be entitled to a revenue share based on any transactions that are created as a result of the promotions that they run on social media. Ayoken intends to sign a number of exclusive deals with artists and partnerships with telcos using the funds that it has raised from investors, such as Founders Factory Africa, Texas-based Kon Ventures, and Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures. Additionally, the company intends to grow its team and secondary marketplaces.
According to him, “the bulk of the funds will be used to obtain exclusive rights and to increase our technology team, which will include increasing the number of developers and engineers by fourfold.”