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Afterparty Secures $4M for NFT Ticketing Platform from Paris Hilton and Others

NFT startup Afterparty has secured $4 million to fund its NFT ticketing platform. This brings the total raised to $7 million.

Some of the project’s angel investors include heiress, DJ and entrepreneur Paris Hilton, Zillow co-founder Spencer Rascoff, Jason Calacanis, NBA star Andre Iguodala, Project Runway” executive producer Desiree Gruber, and VC firm Headline’s Nicole Farb. The firm’s seed investors Acrew Capital, Blockchange, and TenOneTen Ventures also took part in the funding round.

Afterparty successfully hosted the first-ever NFT-ticketed music festival in March, the Afterparty Music Festival. The Ethereum-based NFT tickets referred to as the Utopians collection are held by celebrities including Heidi Klum, Josh Duhamel and Sia.

The company has also announced the future launch of a second NFT collection on Polygon. The Guardians NFT collection will be launched alongside a second version of Afterparty’s NFT marketplace expected to go live in May. The strategic move to Polygon, which will lower buyers’ fees, is expected to set Afterparty apart from conventional ticketing platforms that grapple with high transaction fees.

Commenting on Afterparty’s plans for the future, founder and CEO David Fields revealed that the firm could become a dedicated NFT ticketing platform.

“We took the approach of launching our own events [for] 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… [with] concert ticketing being one,” he said.

Afterparty NFTs grant the holder not only access to an event but also access to buy tickets for future events among other benefits.

In preparation for its coming event set to take place in Los Angeles in October, Afterparty has teamed up with MoonPay. This will enable would-be attendees without crypto wallets to buy their tickets, Guardians NFTs, with fiat via credit card payments.

In terms of custody, ticket owners will be able to take full custody of their NFTs and store them either in their personal wallets or cold storage whenever they wish.

Fields highlighted Afterparty’s goal of empowering creatives with Web 3 tools while also acknowledging that the space is still new to many.

“A big part of our mission at Afterparty is really about giving creators the tools to realize their full potential with Web3. Without 99.9% of those creators’ fans having a crypto wallet,” he said, “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.”

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Afterparty Secures $4M for NFT Ticketing Platform from Paris Hilton and Others