Afterparty today announced that it has closed a $4M funding round, bringing total capital raised up to $7 million. Over 25 entrepreneurs, creators, and VCs participated in the round, including Paris Hilton and Jason Calacanis. Afterparty’s dream to establish the first NFT ticketing platform in the world for artists will be accelerated by the successful seed funding.
AfterParty Builds Artists-First NFT Ticketing Platform
“When we launched Afterparty, we knew we were creating a new model for NFTs based on lifetime ‘membership’ access and IRL experiences,” said David Fields, CEO of Afterparty.
“We didn’t realize how popular the idea of Coachella meeting Art Basel would be with our vibrant community of artists, investors, creators and fans. Now, we are using that valuable support to create something that gives back to the entire music ecosystem.”
Afterparty aims to empower creators by using NFTs as a tool to unlock interactive, real-world experiences. NFTs are dynamic, creative festivals and artist events that can be found on the platform. It also symbolizes deeper fan-artist connections.
Afterparty’s first token-gated festival last month became a large-scale proof of concept. Las Vegas hosted the first NFT-gated music festival and art festival. Headliners, The Chainsmokers, and The Kid LAROI played to over 6,000 attendees. Nick Carter and Heidi Klum also received NFTs live on the Las Vegas Strip.
Now, the platform develops tokens into the artist-first alternative to conventional ticketing platforms. Ticketing services collect fees that average at around 30% but can spike to over 70%. Tickets are bought up by the secondary market before they can be purchased by fans. These tickets are then resold at high prices and artists do not receive any of these sales. NFT-based ticketing promises artists and fans to regain control over the sector.
Afterparty will be taking its NFT festival to Los Angeles this fall. Access to the second-generation Guardian NFT collection will be available soon.
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