Paris Hilton, Desiree Gruber, Nicole Farb, Andre Iguodala, Hason Calacanis, and Spencer Rascoff invested in the Afterparty NFT project – a community that brings together creators, artists and builders in a Web3 platform. The funding was originally planned to reach only up to US$4M but it raised to $7M.
Among the key investors include Blockchange, TenOneTen Ventures and Acrew Capital. Afterparty features unique NFT creations that provide more value than the usual 2D digital assets.
How Afterparty is Changing the Ticket Business
In March, the world’s first fully-ticketed music festival was held with NFTs when the ticketing for The Afterparty, an all-in-one event management and organizer, was employed.
The Utopians collection of NFT tickets, known as the Utopians series, was generated on Ethereum and is presently maintained by a slew of celebrities including Heidi Klum, Josh Duhamel, Sia, and influencers David Dobrik, Loren Gray, and Bryce Hall.
The Chainsmokers and Kid Laroi headlined the Afterparty Music Festival in Las Vegas for Utopians holders. Sofi Tukker, Tokimonsta, and Bob Moses performed at the event.
A New Collection Incoming
Afterparty is now preparing to distribute the Guardians, its second NFT collection, on Polygon, as well as its NFT ticket sales platform. According to Afterparty CEO and Founder David Fields, version 2 of the NFT marketplace will debut on Polygon around May 25th.
Furthermore, to differentiate Afterparty from more established services like Stubhub and Ticketmaster, which have frustrated consumers with high transaction costs, the company abolished buyer fees for all ticket purchases in March.
“The thinking behind it is that, as a new business, we want to show the world that we’re different,” Fields said of the no-fee policy. “We’re not trying to make a quick buck off our users. Instead, we want to build a long-term relationship with them.”
Ethereum’s mainnet gas fees have been a point of contention in the past. Fields imagines the firm growing into a dedicated NFT ticketing platform in the future rather than an all-in-one event host, with Utopians and Guardians NFTs providing access to Afterparty-organized activities.
A Summary of Afterparty
Afterparty aims to solve common NFT and ticketing problems with lower transaction fees. To make it more outstanding, the developers streamlined the process by removing buyer fees and turning it as simple as clicking a button.
It’s still a relatively new NFT project as the official Twitter page currently has more than 6K followers and Discord with 5,300 members as of this writing. However, with everything that they showcased thus far, it seems like Afterparty makes a very solid competitor to other platforms such as OpenSea and Rarible. There are no tokens yet for Afterparty although it may likely find its way into the crypto market soon.
Former Disney Executive, Devid Fields, uses his prowess in strategic company planning to a metaverse scale. If the project continues getting good hype besides the celebrities mentioned, we may see a new coveted and legitimate NFT platform that may help shape the future of digital assets and events.