Ayoken raises $1.4M to grow the NFT marketplace for advertising – TechCrunch

Ayoken, an NFT marketplace for advertising, has raised $1.4 million in pre-launch funding to enable users to increase their source of income through digital collections.

Startup Market, Ayokenlabswill feature digital collections from musicians, sports brands and influencers from around the world.

Ayoken Founder and CEO, Joshua Kingtells TechCrunch that the marketplace is a bridge between fans and artists, and gives supporters a sense of ownership over their idol’s success.

Through the NFT marketplace, fans will have access to tokens such as behind-the-scenes videos and album art, he said. NFT holders will also receive other perks like access to unreleased music and advertisers’ exclusive live events.

“Through the VIP pass, fans will have the ability to stream real music from these artists before it arrives on Spotify, YouTube or Apple Music. Fans will also get discounts on future events,” said King, who has 14 years of experience in strategy consulting, growth and innovation, and startups. His career includes helping to scale AZA (Bitpesa), a Nairobi-based platform that uses bitcoin to facilitate cross-border remittances and where he was first introduced to money electronics and blockchain technology.

King said Ayoken will be releasing NFTs over the next few months by some of the biggest artists in Africa and others around the world.

The London-based startup has teamed up with Ghanaian afrobeats artist KiDi (Dennis Nana Dwamena) for his first NFT drop on the first of June. King said the cross-chain market (Dennis Nana Dwamena) although currently built on the Avalanche blockchain) allows crypto and card payments, there are plans to add mobile money – as the startup helps people in emerging markets like Africa transact easier. King said it is negotiating partnerships with several telecom companies on the continent to make this a reality.

“We are reducing friction points for users by allowing people to use their cards instead of having to use crypto to buy, we are working on partnerships with telecom companies will allow people to use mobile money for payments in the future. Nothing comes close to what we’re doing and that’s why we’re able to sign some of the biggest names in the creative industry,” he said.

User will get token reward (Ayo) when they buy NFT or refer people, they can redeem this reward later for NFT.

Unlike other NFT marketplaces, they have distribution partners including YouTubers, influencers, newsletters, crypto exchanges and telecoms to promote NFT reductions, King said. allowing ads to reach a wider audience than just their fan base.

“This means that celebrities don’t have to rely on their social media following to drive deals. They have instant access to millions of people around the world at the touch of a button. And our approach is very different from any other NFC market on the planet. King said.

“They (distribution partners) will get a revenue share based on any transactions generated from their social media promotions.”

Using funds raised from investors, among them Founders Factory Africa, Texas-based Kon Ventures, Europe-based Crypto League venture capital group, R9C Ventures and Maximus Ventures have Based in Ghana, Ayoken plans to sign a number of exclusive deals with artists and partnerships with telecommunications companies, in addition to team development and secondary markets.

“Much of the funding will go towards purchasing exclusive licenses and building our technology team, which means quadrupling developers and engineers,” he said.

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