Quick take:
- Music NFT marketplace FanTiger has raised $5.5 million from Multicon Capital and others.
- The platform offers independent creators an opportunity to build fan communities on Web3.
- The seed funding round also saw participation from Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios.
FanTiger has raised $5.5 million from Polygon Studios, Mlticon Capital, Krafton, Woodstock, Pravega, GAMA, and IOSG Ventures. The finding round also attracted the participation of individual investors, including Sandeep Nailwal (Co-Founder of Polygon), Gokul Rajaram (Board Member – Coinbase), Prashant Malik (Founder – Tykhe Block Ventures), and Miten Sampat (CRED).
FanTiger is a music-focused NFT marketplace operated by ArtistFirst Techonoloy Inc. The company’s purpose is to give independent creators and artists an opportunity to build fan communities on the blockchain.
The platform is founded by Prashan Agarwal the ex-CEO of Gaana and co-founder of PropTiger, along with Krishna Singh. The platform also gives fans an opportunity to engage with their favourite artists using NFTs.
Music NFTs are popularly used by creators to give fans access to access to the artist community, and earn rewards and special privileges like exclusive behind the scenes content, meet-n-greet opportunities and backstage access.
On the other hand, artists create an extra revenue stream whilst also increasing their output by using the proceeds from the sale of music NFTs for song creation, studio production, and music videos, among others.
NFTs also provide artists with an opportunity to earn royalties or split royalties with fans as a reward for marketing the song.
Commenting on the latest fundraising, Prashan Agarwal, CEO and co-founder of FanTiger said: “The company plans to use the funds raised to grow its team across product, technology, extend industry partnerships and onboard well known and aspiring Indian artists.”
It will be the first time in history when Indian artists will have a fanbase which is properly incentivised to market a song, which will create wonders in setting new milestones for song success,” Agarwal added.
FanTiger is on a mission to onboard tens of millions of users to the world of music NFTs.
Multicoin’s Partner Kyle Samani echoed those remarks saying that FanTiger was on a path to growing the digital collectibles ownership in the music industry.
“We are excited to partner with Prashan, who brings vast experience of building the largest music streaming platform in India, to disrupt the music industry once again,” Samani added.
Fans can gain early access to the platform at www.fantiger.com to have a chance of receiving exclusive benefits such as priority access to the launch of music NFTs, OG titles, and more.
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