NFT-focussed startup Afterparty has successfully raised $4 million from angel investors to develop its NFT ticketing platform on Polygon Network. This round of funding brought the total amount raised so far to $7 million.
The angel investors in the project include notable names like Paris Hilton, Jason Calacanis, Zillow co-founder Spencer Rascoff, NBA star Andre Iguodala, executive producer of “Project Runaway” Desiree Gruber, and Nicole Farb of VC firm Headline. The unsolicited funding round was also joined by leading seed investors of Afterparty - Acrew Capital, Blockchange, and TenOneTen Ventures.
Having hosted the first music festival fully ticketed with NFTs back in March, Afterparty is an all-in-one event ticket organizer. Also, it is getting ready to launch a second NFT collection, The Guardians, on the Polygon Network. In addition, its NFT Ticketing marketplace is expected to launch sometime in May.
Regarding Afterparty’s move to Polygon, CEO David Fields explained it to be an effort to lower the transaction fees. Also, this would help them differentiate from platforms like TicketMaster and Stubhub, which have steep transaction fees.
While Utopians and Guardians NFTs grant users access to respective Afterparty-organized events, Fields envisions extending Afterparty’s scope beyond an all-in-one event host. According to him, Afterparty will move to become a dedicated NFT ticketing platform in the future.
“We took the approach of launching our own events one, to prove out the model at a large scale and two, to really build deep relationships… but over time, we see ourselves building out more of a marketplace for experiences… concert ticketing being one,” said Fields.
Meanwhile, Afterparty plans on offering flexible custody to its NFT holders. With full custody of their assets, owners can move them to their wallets or cold storage accordingly.
Field said, “A big part of our mission at Afterparty is really about giving creators the tools to realize their full potential with Web3.” However, with many fans new to crypto, he realizes that NFTs are still a niche asset.
Fields also added, “Without 99.9% of those creators’ fans having a crypto wallet. We’re sort of far from a world where NFTs can really be used to their full potential for creators, and we want to be part of the solution there.”