The Impact of $1.4M Funding on AyokenLabs NFT Marketplace
Joshua King explained that the AyokenLabs NFT marketplace offers fans tokens that grant exclusive access to various content, such as behind-the-scenes videos and album artwork. NFT holders also gain early access to unreleased music from artists. Creatives using the platform will offer NFT holders special access to live events. King highlighted that there are VIP passes available for fans to stream music before its public release on platforms like YouTube, Spotify, and Apple Music, with additional discounts for future events.
Joshua King, Ayoken’s Founder and CEO, has over 14 years of experience in strategy, growth consulting, and entrepreneurship. During this time, King contributed to scaling AZA (Bitpesa), a platform based in Nairobi, Kenya, that uses Bitcoin to enable cross-border remittances. His involvement in AZA introduced him to blockchain and cryptocurrency technology.
King revealed that Ayoken plans to release NFTs for popular African artists and other global musicians. Based in London, UK, Ayoken announced its first NFT drop in partnership with KiDi, a renowned Ghanaian Afrobeats artist. The first drop will take place on June 1st, generating excitement among fans who will gain exclusive access on the platform.
King also disclosed that the cross-chain marketplace is built on the Avalanche blockchain. Currently, the platform allows payments via both crypto and card options, giving users the ability to access content and participate in NFT drops. Ayoken is also working on integrating mobile money payments to cater to users in emerging markets, such as Africa. Negotiations with telecommunication companies are already underway to make this a reality.
The startup is also reducing barriers for users by allowing payments through Visa, Mastercard, Maestro, and UnionPay, alongside cryptocurrencies like Bitcoin, Binance Coin, and Ether. If you’re unsure how to start with crypto, check out our top list with over 120 deposit methods from around the globe.
Ayoken’s Own Cryptocurrency: Ayo
CryptoChipy has reported that Ayoken has already developed its own digital currency, Ayo. Users of the AyokenLabs marketplace will earn Ayo tokens as rewards for purchasing NFTs on the platform. They will also earn tokens by referring others to join the platform. The Ayo token serves as a utility token, redeemable after receiving the NFT reward.
A Distinct Value Proposition for Ayoken Users
King emphasized that Ayoken’s NFT marketplace offers a distinct value proposition for its users. Unlike other NFT platforms, Ayoken has secured various distribution partners to help promote its NFTs. These partners include crypto exchanges, YouTube, influencers, newsletters, and telecom companies. These partnerships expand the reach of artists’ NFT drops and give them access to a much broader audience.
This model is especially beneficial to creatives and celebrities, who previously relied heavily on their social media following to drive engagement and transactions. By leveraging Ayoken’s distribution partners, artists can expand their reach beyond their usual fanbase.
King highlighted that Ayoken’s distribution partners provide instant access to millions of users worldwide at the touch of a button. What sets Ayoken apart from other NFT marketplaces is its marketing agency that helps creatives with their initial NFT drops. The distribution partners earn revenue based on transactions generated from their social media promotions.
The $1.4 million funding raised by Ayoken comes from several investors, including Texas-based Kon Ventures, the European venture capital collective Crypto League, Founders Factory Africa, Maximus Ventures, and Ghana-based R9C Ventures. This funding will help Ayoken secure exclusive deals with more artists beyond KiDi and establish agreements with telecom companies for mobile money payments. The funding will also support the expansion of Ayoken’s tech team, including developers and engineers.
