Ayoken, an NFT marketplace for creatives, has recently raised $1.4 million in pre-seed funding to help users diversify their revenue streams through selling digital collectibles.
Ayokenlabs, the startup’s marketplace, will showcase digital collectibles from musicians, sports brands, and influencers worldwide.
About Ayoken
Joshua King, the founder and CEO of Ayoken disclosed that the marketplace serves as a bridge between fans and artists, giving fans a sense of ownership in their idols’ success.
Fans will be able to access tokens such as behind-the-scenes videos and album art through the NFT marketplace, he said. NFT holders will also have access to other perks like unreleased songs and exclusive live events hosted by the creatives.
“Through VIP passes, fans will be able to listen to songs by these artists live-streamed before it is released on Spotify, YouTube, or Apple Music.” Fans will also be eligible for discounts on future events,” said King, who has 14 years of experience in strategy, growth, innovation consulting, and entrepreneurship. He began his career by aiding in the scaling of AZA (Bitpesa), a Nairobi-based platform that uses bitcoin to facilitate cross-border remittances, and where he first learned about cryptocurrency and blockchain technology.
According to King, Ayoken will release NFTs of several big African artists and others worldwide in the coming months.
Incorporating Mobile Money To Ayoken For Ease of NFT
The London-based company has already teamed up with Ghanaian afrobeats musician KiDi (Dennis Nana Dwamena) for his first NFT release on June 1st. The cross-chain marketplace (which is currently built on the Avalanche blockchain) accepts crypto and card payments, according to King, but plans to incorporate mobile money as the business aims to make it easier for people in emerging markets like Africa to trade. To make this a reality, King said they are in talks with several telcos on the continent.
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“We are reducing friction points for the users by letting people use their cards instead of using 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. Nothing comes close to what we are doing, and that is why we are able to sign some of the biggest names in the creative industry,” he said.
When users buy NFTs or refer others, they will receive token (Ayo) rewards, which they can later redeem for NFTs.
Unlike other NFT marketplaces, King added, they have distribution partners who promote NFT drops, including YouTubers, influencers, newsletters, crypto exchanges, and telcos, allowing the creatives to reach a wider audience than simply their fans.
“What this means is that celebrities do not have to rely on their social media following to drive transactions. They get instant access to millions of people worldwide at the touch of a button. And our approach is so different from any other NFC marketplace on the planet. We also have a marketing agency to help these creatives succeed in their first NFT drops,” said King.
“They (distribution partners) will get a revenue share based on any transactions generated on their social media promotions.”
Ayoken plans to sign a number of exclusive deals with artists and partnerships with telcos, as well as grow its team and secondary marketplaces, with the funds raised from investors such as Founders Factory Africa, Texas-based Kon Ventures, Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures.
“The bulk of the funding will go toward securing exclusive licensing and expanding our tech team, which will quadruple the number of developers and engineers,” he stated.