Quick take:
Nifter has announced a $40 million seed round to ramp up its global expansion campaign. The company said it wants to scale the marketing campaign for the brand Nifter as a household name.
Nifter is seeking to expand its team of A-list entertainers as part of the campaign. It is also planning to hire an international team and accelerate its acquisition efforts.
The company recently said it will be expanding its NFT marketplace beyond music to include art, video, and memorabilia non-fungible tokens (NFTs). Nifter’s better version is already live and will be rolling out the global version soon.
An NFT is a blockchain-based digital file representing proof of ownership of a JPEG, a virtual avatar, digital merchandise 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 unit is targeting live events and the distribution of music/video to iTunes, Spotify, and Netflix, where artists will be able to use NFTs as event tickets and for tracking royalties.
Nifter NFT marketplace is headed by the CEO Michael J. Smith and CFO Michael Handelman, with Raymond Brothers of RocNation Sports also joining the team.
The company’s focus is becoming one of the largest publicly traded art marketplaces.
The NFT market has experienced a meteoric rise over the past two years. The rapid adoption of the burgeoning industry has been driven by the influx of celebrities and mainstream brands seeking to augment their revenue streams.
Nike, which acquired 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 declined since the turn of the year teamed up with Immutable X to launch an NFT marketplace for video games.
Although the industry has slowed in recent months amid the crypto winter, venture capital firms continue to pump funds into new projects ahead of a rebound.
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