LONDON, UK: NFT Investments announced an investment of $250,000 into Afterparty Inc, a platform for creators to engage with their fans and generate revenues from events such as live streaming.
NFT Investments is a company specializing in the identification, acquisition, investment, and development of non-fungible tokens (NFTs).
The investment is in the form of a Simple Agreement for Future Equity (SAFE), and part of a US$3 Million fund-raising round being conducted by Afterparty, which is incorporated in the US.
Afterparty is creating a decentralized platform, using Web 3.0 technologies, to provide creators with the tools to monetize and manage their fan relationships, deliver live virtual experiences, and sell digital merchandise.
Creators can mint and launch their own NFTs on the platform, they can issue tokens to fans so they can get into “token-gated” virtual experiences such as VIP parties. In contrast to Web 2.0 technologies like Instagram, the bulk of the revenue on the decentralized web goes to the creators.
Afterparty will initially focus on the music industry, hosting live events in which artists and creators can set their own pricing terms and leverage fan fervour to create revenue.
Afterparty was co-founded by David Fields, a former Disney executive and head of investments at Michael Eisner’s the Tornante Company. Dan Rahmel, the second co-founder of Afterparty, was a senior technology executive at Music Audience Exchange.
Jonathan Bixby, Executive Chairman of NFT Investments, said: “We are moving at pace to support the growth of a range of innovative businesses that are positioned to benefit from the long-term growth of the NFT market. Afterparty’s platform will provide a compelling service for art fans and creators to interact and create value from rich content. I look forward to supporting Afterparty’s growth and our involvement in their promising future.”