As part of its plan for worldwide development, Nifter has launched a $40 million seed financing round. The corporation has stated its desire to make Nifter a household name via a massive advertising push.
As part of the drive, Nifter is looking to add more famous faces to its roster of endorsers. It also intends to speed up its acquisition attempts and staff up with overseas recruits. The startup recently announced that it will be including other non-fungible tokens (NFTs) in its marketplace besides music (NFTs). The upgraded version of Nifter is available now, and the rollout to the rest of the world is in the works.
Proof of ownership for a JPEG, virtual avatar, piece of digital product, or collectable is represented by a NFT, which is a digital file based on the blockchain. For the sake of Nifter, NFTs stand in for songs, paintings, and videos.
The blockchain-based company has now established a production department to drive collaborations with creatives. Artists may use NFTs as event tickets and to keep track of revenues, and the division is focusing on live events and the delivery of music/video to iTunes, Spotify, and Netflix.
CEO Michael J. Smith, CFO Michael Handelman, and RocNation Sports' Raymond Brothers make up the core management team in the Nifter NFT marketplace. The primary goal of the firm is to dominate the public art industry.
In only two years, the NFT market has skyrocketed in value. The fast growth of the sector may be attributed to the increasing interest from celebrities and well-known companies looking to diversify their income. To date, Nike has generated more than $200 million in sales, making it one of the most successful companies in the NFT industry.
In addition, the NFT industry has become a promising new direction for flagging businesses to try. Even though Gamestop's sales and net profitability have been on the wane since the beginning of the year, the company partnered with Immutable X to develop a NFT marketplace for video games earlier this year.
The crypto winter has caused a slowdown in the sector in recent months, but VC companies are still investing heavily in promising new initiatives in anticipation of a future recovery.
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