Afterparty announced today that it closed a $4 million funding round to bring total capital raised to $7 million. Over 25 entrepreneurs, creators, and VCs participated in the round, including Paris Hilton and Jason Calacanis. The successful seed funding will accelerate Afterparty’s vision to create the world’s first NFT ticketing platform for artists.
AfterParty Builds Artists-First NFT Ticketing Platform
“When we launched Afterparty, we knew we were creating a new model for NFTs based on lifetime ‘membership’ access and IRL experiences,” said David Fields, CEO of Afterparty.
“What we didn’t know was just how much and how fast the idea of ‘Coachella meets Art Basel’ would resonate with our dynamic community of investors, artists, creators, and fans. Now, we are using that valuable support to create something that gives back to the entire music ecosystem.”
Afterparty aims to empower creators by using NFTs as a tool to unlock interactive, real-world experiences. Through the platform, NFTs represent dynamic, creative festivals, and artist events. At the same time, it symbolizes deeper artist-fan connections.
Afterparty’s first token-gated festival last month became a large-scale proof of concept. The first NFT-gated music and art festival took place in Las Vegas. Headliners, The Chainsmokers, and The Kid LAROI played to over 6,000 attendees. Heidi Klum and Nick Carter also live-minted NFTs on the Las Vegas Strip.
Now, the platform develops tokens into the artist-first alternative to conventional ticketing platforms. Ticketing services collect fees that average at around 30% but can spike to over 70%. The secondary market buys up tickets before fans can get them. Then resells them at inflated prices, and artists receive nothing from these sales. NFT-based ticketing promises to put control of the sector back in the hands of artists and fans.
This fall, Afterparty is taking their NFT festival to Los Angeles. Access will be through its second-generation Guardian NFT collection, dropping soon.