GHANA – Ayoken, a non-traditional marketplace for creatives, has raised US$1.4 million in pre-seed capital to help users diversify their revenue streams by selling digital artifacts.
The pre-seed round saw participation from Founders Factory Africa, Kon Ventures of Texas, Crypto League of Europe, R9C Ventures of Ghana, and Maximus Ventures.
Ayoken intends to use the funds generated to secure exclusive deals with musicians and form relationships with telcos, in addition to expanding its team and secondary marketplaces.
A majority of the funding will go into buying exclusive licenses and into building the tech team, which is the developers and engineers fourfold.
Founded in 2021 by Joshua King, Ayoken serves as a link between fans and musicians, giving them a stake in their favorites’ success.
Fans will be able to obtain tokens such as behind-the-scenes footage and album art through the NFT marketplace, according to Joshua King. Other benefits include access to unreleased music and special live events by the creatives.
“Through VIP passes, fans will be able to listen to songs by these artists before it is available on Spotify, YouTube, or Apple Music. Fans will also receive discounts for future events,” said King.
When users buy NFTs or recommend others, they will receive token (Ayo) rewards, which they can later redeem for NFTs.
Ayoken will release NFTs of several big African artists, as well as others from throughout the world, according to King.
The London-based firm has already collaborated with Ghanaian afrobeats musician KiDi (Dennis Nana Dwamena) for his debut NFT release on June 1st.
The cross-chain marketplace (now built on the Avalanche blockchain) accepts crypto and card payments but wants to incorporate mobile money as the firm makes it easier for consumers in emerging markets like Africa to trade.
King stated that they are seeking collaborations with a number of African carriers to make this a reality.
Unlike other NFT markets, users 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.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
