Digital collectibles marketplace connecting creators to global audiences, Ayoken, has raised $1.4 million pre-seed funding.
The NFT marketplace for creatives is set to enable users attain accelerated revenue streams through its offerings. Ayoken will use the pre-seed funding to expand its team and presence across countries, and also sign a number of exclusive deals with artists and partnerships with telcos.
The investment was raised from Founders Factory Africa, Texas-based Kon Ventures, Europe-based venture capital collective Crypto League, Ghana-based R9C Ventures and Maximus Ventures.
Ayokenlabs is the startup’s marketplace built to bridge the gap between fans and artists. It will feature digital collectibles from global musicians, sports brands and influencers.
Through the NFT marketplace, fans will have access to tokens such as behind-the-scenes videos and album art. NFT holders will also get other perks like access to unreleased music and exclusive live events by the creatives. Including discounts for future events, VIP passes will enable fans get access to livestream music by their favourite artists before it arrives on Spotify, YouTube or Apple Music.
Over the next few months, Ayoken plans to release NFTs of some major African artists, and others across the world. The startup has already partnered with Ghanaian afrobeats artist KiDi (Dennis Nana Dwamena) for his first NFT drop on the first day of June.
The platform will allow crypto and card payments, but plans to add mobile money – as the startup makes it easier for people in emerging markets like Africa to trade with ease. Negotiations for partnership with telcos are ongoing.
Again, users will get token (Ayo) rewards when they buy the NFTs or refer people, which they can redeem later for an NFT.
The startup affirms to have distribution partners including YouTubers, influencers, newsletters, crypto exchanges, and telecoms to promote NFT drops – allowing the creatives to tap a wider audience, and not just their fanbase.
This means celebrities do not have to rely on their social media following to drive transactions. They get instant access to millions of people all around the world at the touch of a button. Distribution partners will get a revenue share based on any transactions generated on their social media promotions.