Blockchain

Ayoken raises $1.4 Million Pre-Seed to Build Africa’s First NFT Marketplace

Founded by Joshua King in 2021, Ayoken, the first platform for buying exclusive digital collectables, and social tokens from the musicians, sports brands, creatives, and influencers from Africa, and the global diaspora, has launched its own NFT Marketplace after raising $1.4 million in its pre-seed funding round.

Investors that participated in this round include Founders Factory Africa, Texas-based Kon Ventures, European-based Venture Capital collective Crypto League, Ghana-based R9C Ventures, and Maximus Ventures.

“Our vision is to be the world’s leading NFT Marketplace that serves and partners with both A-list and emerging musicians and celebrities throughout Africa and the global diaspora,” said Joshua King.

“We want to enable creators and artists to monetize their work while ensuring that consumers can purchase collectibles and exclusive content in a meaningful way, backed by blockchain technology” added Joshua King.

The funds will be used to further develop the platform and create more opportunities for growth such as secondary marketplaces, curated wallets, integration with cards, and mobile money. It will also help secure partnerships with telecommunication companies, fintechs, more artists, and celebrities as it keeps growing a global team across Africa, Europe, Asia, and the US.

The London headquartered company has partnered with Dennis Nana Dwamena, better known as KiDi, an award-winning Ghanaian highlife and afrobeats singer-songwriter for his first NFT drop on 1st of June. Holders of KIDI’s NFTs will get access to private virtual parties, exclusive content, as well as discounted tickets for future performances.

“This exclusive drop will give KiDi’s fans a sense of ownership in his success” added Joshua King.

The market size for digital collectables known as NFTs is catching up to that of the traditional art market. In 2020 the NFT market was valued at just over $250M. By the end of 2021, the marketplace for non-fungible tokens, which are digital pieces of art tied to blockchain technology, reached a $41 billion value, according to blockchain data company Chainalysis.

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