NFT Investments PLC Capital Investment in Afterparty (6604T)

TIDMNFT

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 [phone] 
  Executive Chairman 
  Neil Thapar 
  Investor Relations                    [phone] 
                                      ------------------------------ 
 First Sentinel 
                                      ------------------------------ 
 Corporate Adviser 
  Brian Stockbridge                    [phone] 
                                      ------------------------------ 
 Tennyson Securities 
                                      ------------------------------ 
 Corporate Broker 
  Peter Krens                          [phone] 
                                      ------------------------------ 
 Novum Securities 
                                      ------------------------------ 
 Corporate Broker 
  Colin Rowbury 
  Jon Belliss                          [phone] 
                                      ------------------------------ 
 Tancredi Intelligent Communication 
  Media Relations 
                                      ------------------------------ 
 Salamander Davoudi 
  Edward Daly                          [phone] 
  Helen Humphrey                        [phone] 
  [e-mail]      [phone] 
                                      ------------------------------ 
 

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/

-- 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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November 26, 2021 02:00 ET (07:00 GMT)