Quick take:
- According to ClickStream, Nifter has raised a $40 million seed round of funding.
- The company’s NFT Marketplace is already in beta and will be rolled out globally soon.
- The platform supports music, art, video and memorabilia NFTs.
nifter is announced A $40 million seed round to power a global expansion campaign. The company says it wants to expand its marketing campaigns for the Nifter brand as a generic name.
Nifter is looking to expand its team of A-list entertainers as part of its campaign. It also plans to hire an international team to accelerate its acquisition efforts.
The company recently announced that it will expand its NFT marketplace beyond music to include non-fungible tokens (NFTs) for art, video and memorabilia. A better version of Nifter is already in production, and a global version will be rolled out soon.
Ann NFTs A JPEG, virtual avatar, digital item, or blockchain-based digital file that represents proof of ownership of a collectible. For Nifter, NFT stands for music tracks, artwork, and video clips.
The blockchain platform has also launched a production division that spearheads partnerships with artists. The unit targets live events and music/video distribution to iTunes, Spotify, and Netflix where an artist will be able to use her NFTs as his tickets for the event and for tracking royalties.
The Nifter NFT Marketplace is led by CEO Michael J. Smith and CFO Michael Handelman, with the Raymond Brothers of RocNation Sports on the team.
The company’s focus is to become one of the largest listed art marketplaces.
The NFT market has experienced rapid growth over the past two years. The burgeoning industry’s rapid adoption has been driven by an influx of celebrities and mainstream brands looking to increase their revenue streams.
Nike RTFKT, which acquired NFT Project, is one of the most successful brands in space generation. over $200 million sales to date.
The NFT space has also emerged as an exciting pivot for struggling brands. Earlier this year, Gamestop, whose revenue and net profit have been declining since the turn of the year, partnered with Immutable X to NFT Marketplace for video games.
The industry has slowed in recent months in the midst of the crypto winter, but venture capital firms continue to pump money into new projects ahead of a recovery.
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