African-founded Ayoken Creates NFT Marketplace for Creatives after Raising $1.4m

Ayoken, an NFT marketplace for creatives, raised $1.4 million in pre-seed financing to allow users to grow their revenue streams via digital collectibles.

The funding came from Founders Factory Africa in Texas, Kon Ventures (based in Texas), Europe-based Venture Capital Collective Crypto League, Maximus Ventures (based in Ghana), and R9C Ventures (based out of Ghana). In addition to signing exclusive partnerships and deals with artists, the startup will also be expanding its team and secondary market opportunities with the latest investment.

Joshua King founded Ayoken, a platform that aims to bring the best creatives from the world into the metaverse. It will act as a marketplace, connecting fans and artists and giving supporters ownership in the success stories of their favorite creatives.

According to CEO King, the startup’s marketplace, Ayokenlabs Digital collectibles will be featured by musicians, sports brands, and influencers all over the globe.

The London-based startup has already partnered up with Ghanaian afrobeats musician KiDi (Dennis Nana Dwamena), for his first NFT drop on June 1.

King said the cross-chain marketplace (although currently built on Avalanche blockchain) allows 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. King indicated that they are currently in talks with a variety of telcos across the continent to make it a reality.

“We are reducing friction points for the users by letting people use their cards instead of having to use crypto to buy, we are working on partnerships with telcos that will allow people to use mobile money to make the payment in future too. Nothing comes close to what we are doing and that is why we are able to sign some of the biggest names in the creative industry,” he said.

He said that NFT market will allow fans to access tokens like behind-the-scenes videos and album art. NFT holders can also access unreleased music and live events with the creatives.

“Through VIP passes, fans will get the ability to actually live stream music by these artists before it arrives on Spotify, YouTube or Apple Music. Fans will get discounts for future events too,” said King.

Get latest news from African Startup ecosystem

Latest stories

You might also like...