Nifter Announces $40M Seed Round Ahead of NFT Marketplace Launch
Quick take:
- ClickStream says Nifter has started raising money for a $40 million seed round.
- The company’s beta version of the NFT marketplace is already live and will soon launch the global version.
- The platform supports music, art, video and NFTs.
Nifter has announced a $40 million seed round to boost its global expansion campaign. The company said it wants to scale the marketing campaign for the Nifter brand as a household name.
Nifter is looking to expand its team of A-list entertainers as part of the campaign. It also plans to hire an international team and accelerate acquisition efforts.
The company recently said it will expand its NFT marketplace beyond music to include art, video and memorabilia non-fungible tokens (NFTs). Nifter’s better version is already live and will launch the global version soon.
An NFT is a blockchain-based digital file that represents proof of ownership of a JPEG, a virtual avatar, digital goods, or a collectible. In Nifter’s case, NFTs represent music tracks, artwork and video clips.
The blockchain platform has also launched a production arm to spearhead partnerships with artists. The device is aimed at live events and music/video distribution to iTunes, Spotify and Netflix, where artists will be able to use NFTs as event tickets and to track royalties.
The Nifter NFT marketplace is led by CEO Michael J. Smith and CFO Michael Handelman, with Raymond Brothers of RocNation Sports also on the team.
The company’s focus is to become one of the largest listed art marketplaces.
The NFT market has experienced a meteoric rise in the last two years. The rapid adoption of the burgeoning industry has been fueled by the influx of celebrities and mainstream brands looking to increase their revenue streams.
Nike, which acquired the NFT project RTFKT, has been one of the most successful brands in the space, generating more than $200 million in sales to date.
The NFT space has also emerged as an exciting pivot for struggling brands. Earlier this year, Gamestop, whose revenue and net income have been declining since the turn of the year, teamed up with Immutable X to launch an NFT marketplace for video games.
Although the industry has slowed down in recent months amid the crypto winter, venture capital firms continue to pump funds into new projects ahead of an upswing.
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