Capital Investment in Afterparty
26/11/2021 06:59
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RNS Number : 6604T NFT Investments PLC 26 November 2021
Press Release
26 November 2021
NFT Investments PLC
("NFT Investments" or the "Company")
Capital investment made in Afterparty
NFT Investments, a company specializing in the identification, acquisition,
investment, and development of non-fungible tokens ("NFTs"), is pleased to
announce an investment of US$250,000 into Afterparty Inc, a platform for
creators to engage with their fans and generate revenues from events such as
live streaming.
The investment is in the form of a Simple Agreement for Future Equity
("SAFE"), and part of a US$3 Million fund-raising round being conducted by
Afterparty, which is incorporated in the US.
Afterparty is creating a decentralized platform, using Web 3.0 technologies,
to provide creators with the tools to monetize and manage their fan
relationships, deliver live virtual experiences, and sell digital merchandise.
Creators can mint and launch their own NFTs on the platform, they can issue
tokens to fans so they can get into "token-gated" virtual experiences such as
VIP parties. In contrast to 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.
Afterparty was co-founded by David Fields, a former Disney executive and head
of investments at Michael Eisner's the Tornante Company. Dan Rahmel, the
second co-founder of Afterparty, was a senior technology executive at Music
Audience Exchange.
Jonathan Bixby, Executive Chairman of NFT Investments, said: "We are moving at
pace to support the growth of a range of innovative businesses that are
positioned to benefit from the long-term growth of the NFT market.
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."
For further information please contact:
NFT Investments
Jonathan Bixby via Tancredi +44 207 887 7633
Executive Chairman
Neil Thapar
Investor Relations +44 7876 455 323
First Sentinel
Corporate Adviser +44 7876 888 011
Brian Stockbridge
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
Novum Securities
Corporate Broker +44 207 399 9427
Colin Rowbury
Jon Belliss
Tancredi Intelligent Communication
Media Relations
Salamander Davoudi +44 7957 549 906
Edward Daly +44 7861 430 057
Helen Humphrey +44 7449 226 720
nftinvestments@tancredigroup.com (mailto:nftinvestments@tancredigroup.com)
NOTES TO EDITORS:
· SAFE agreement is a "Simple Agreement for Future Equity". SAFE
Agreements have similar characteristics to Convertible Loans and are designed
to provide an early investor with an "edge" ahead of a larger planned funding.
The edge is typically conversion of funds advanced for new equity at a
discount to the subsequent raise. They are popular as it prevents a relatively
small early investor setting a price for a round (which is set later by a lead
investor), reducing the need for extensive due diligence and extensive
negotiations regarding valuation. SAFE Agreements are increasingly popular in
the US, (they remain relatively rare in Europe), and are commonly used by
technology companies where the early stage of the IP is difficult to value.
Being a SAFE investor also means an investor is not a creditor in a future
insolvency.
· NFT Investments plc is an investment company specialising in
non-fungible tokens ("NFTs") and is the first ever NFT vehicle to list in a
major jurisdiction worldwide. The Company invests in a diversified portfolio
of NFTs, cryptocurrency, and/or in companies or funds which have exposure to
NFT or blockchain technology. The Company's leadership team have an extensive
track record in the cryptocurrency sector and previously founded Argo
Blockchain PLC, a global crypto miner. NFT Investments is headquartered in
London, UK and its shares are listed on the Aquis Exchange Growth Market under
the ticker symbol NFT. https://www.nftinvest.pro/ (https://www.nftinvest.pro/)
· Web 3.0 is the third generation of internet services for websites and
applications that will focus on using a machine-based understanding of data to
provide a data-driven web. The data in web pages is structured and tagged in
such a way that it can be read directly by computers. The goal of Web 3.0 is
to create more intelligent, connected and open websites. Smart home appliances
using wireless networks and the Internet of Things are two examples of how Web
3.0 is already impacting technology.
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