UK-Based Startup Built On Avalanche Empowering African Musicians To Build Better Fan Relationships Using NFTs

Ayoken is an NFT marketplace designed to empower musicians and other creatives to monetize their work directly to their fans while giving them exclusive perks and digital collectibles.

Ayoken, which operates in the United Kingdom, Nigeria, South Africa, and France, has launched its NFT marketplace following a $1.4 million pre-seed round earlier this month. Ayoken CEO and founder, Joshua King sees the project as Patreon 2.0. A blockchain-based platform built on Avalanche chain that provides content creators with business tools while rewarding their fans and communities with exclusive perks and collectibles.

Excessive PFP (profile picture) NFTs with little utility have been one of the most difficult challenges in the NFT space. As supply increased, their floor prices generally fell in 2021, leaving collectors with much lower-valued NFTs. This challenge has continued to plague the NFT space in 2022.

According to Joshua, Ayoken does not permit the minting of NFTs in the absence of a pre-approved utility. This ensures that fans are not bombarded with NFTs that they cannot use. When fans purchase collectibles from their favorite artists, they gain exclusive access to album art and early album access before it is available on Spotify, YouTube, or Apple Music.

KiDi, a Ghanaian musician, has already partnered with Ayoken to release his first NFTs on June 1, 2022. According to the tech and startup media company TechCrunch, Ayoken has invested in an arsenal of media partners and influencers to make sure that artists don’t have to solely depend on their existing social media communities to drive their reach.

Traditional creator platforms like Facebook, Instagram, and Twitter have a 100% take rate. That is, they benefit from 100% of the value of all the content created on their platforms, while the creators earn nothing. YouTube has a 45% take rate. Web 3.0 companies are changing this dynamic and ensuring that creators get a higher monetary value for their work.

Ayoken, like OpenSea, has a 2.5% take rate. This ensures that 97.5% of the value generated on its platform is distributed to creators and their fans. While the traditional music industry saw musicians lose a lot of value to record labels, Ayoken wants to ensure that musicians own their music and get the most out of their fans.

While Socios developed the Chiliz blockchain to improve fan relationships with sports organizations, Ayoken has created a platform for minting social digital collectibles that drive fan loyalty and social engagement. So, when your favorite musician grows their brand and has successful events, your collectibles associated with that musician gain value.


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