Afterparty’s founder and CEO, David Fields, spoke about the company’s plans, which include the prospect of becoming a dedicated NFT ticketing platform.
NFT business Afterparty has secured $4 million to help fund the development of its NFT ticketing platform. This brings the total amount raised to $7 million.
Paris Hilton, co-founder of Zillow, Spencer Rascoff, Jason Calacanis, NBA star Andre Iguodala, Desiree Gruber, executive producer of “Project Runway,” and Nicole Farb of venture capital firm Headline are among the project’s angel investors. The firm’s founding investors, Acrew Capital, Block change, and TenOneTen Ventures, also participated in the funding round.
The Afterparty Music Festival, the inaugural NFT-ticketed music event, took place in March. Heidi Klum, Josh Duhamel, and Sia are among the celebrities that possess the Utopians collection of Ethereum-based NFT tickets.
In addition, the company said that a second NFT collection would be released on Polygon shortly. In May, the Guardians NFT collection will be released with the second generation of Afterparty’s NFT marketplace. Afterparty’s strategic move to Polygon, which will result in lower buyer costs, is meant to set it apart from conventional ticketing systems, which charge high transaction fees.
Afterparty’s founder and CEO, David Fields, spoke about the company’s plans, which include the prospect of becoming a dedicated NFT ticketing platform.
“We took the approach of launching our events [for] one, to prove out the model at a large scale and two, to build deep relationships… but over time, we see ourselves building out more of a marketplace for experiences… [with] concert ticketing being one,” he said.
Not only do afterparty NFTs provide access to an event, but they also let the user buy tickets to future events, among other benefits.
In ahead of its upcoming event in Los Angeles in October, Afterparty has teamed with MoonPay. This allows players who do not have cryptocurrency wallets to buy their tickets, Guardians NFTs, with cash or credit cards.
In terms of custody, ticket holders will have total control over their NFTs and may choose to store them in their wallets or cold storage.
Fields stressed Afterparty’s objective of providing Web 3 capabilities to creatives, while also pointing out that many people are still unfamiliar with the industry.
“A big part of our mission at Afterparty is really about giving creators the tools to realize their full potential with Web3. Without 99.9% of those creators’ fans having a crypto wallet,” he said, “we’re sort of far from a world where NFTs can really be used to their full potential for creators, and we want to be part of the solution there.”
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