NFT Investments PLC (AQSE:NFT) announced an investment of US$250,000 into Afterparty Inc, a digital platform for creators of non-fungible tokens to engage with their fans and generate revenues from events such as live streaming.
The Aquis-listed company, which specialises in the identification, acquisition, investment, and development of non-fungible tokens (NFTs), says the investment is in the form of a simple agreement for future equity and is part of a US$3mln funding round being conducted by Afterparty.
It said Afterparty plans to use the funds raised to create its decentralised platform, with the help of web 3.0 technologies.
READ: Demystifying the Metaverse, the tech world’s hottest new opportunity
The Afterparty platform, which can be described as a form of metaverse, will provide creators with the tools to monetize and manage their fan relationships, deliver live virtual experiences, and sell digital merchandise.
Users will also be able to mint and launch their own NFTs on the platform as well as issue tokens to fans so they can get into "token-gated" virtual experiences such as VIP parties.
Unlike web 2.0 technologies like Instagram, the bulk of the revenue on the decentralized web goes to the creators.
Afterparty will initially focus on the music industry, hosting live events in which artists and creators can set their own pricing terms and leverage fan fervour to create revenue.
Jonathan Bixby, executive chairman of NFT Investments said, "Afterparty's platform will provide a compelling service for art fans and creators to interact and create value from rich content. I look forward to supporting Afterparty's growth and our involvement in their promising future.”