NFT Music Marketplace FanTiger Raises $5.5M From Multicon, Others
FanTiger NFT Marketplace, which is managed by ArtistFirst Technology Inc, announced Thursday that it has raised $5.4 million in seed funding led by Multicon Capital.
The round also saw participation from Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios, and individuals such as Sandeep Nailwal (Polygon Co-Founder), Gokul Rajaram (Board Member – Coinbase) , Prashant Malik (founder – Tykhe Block Ventures) and Miten Sampat (CRED).
FanTiger is founded by Prashan Agarwal, who is the former CEO of Gaana and co-founder of PropTiger, and Krishna Singh.
FanTiger enables independent artists to build fan communities on the platform and allow fans to help shape their careers using musical NFTs.
It helps fans buy NFT music to gain access to the artist community, earn special rewards and privileges like exclusive behind-the-scenes content, dating opportunities, and behind-the-scenes access.
Artists can use proceeds from the sale of musical NFTs for song creation, studio production, music videos, and more. They can also pledge up to a certain percentage of the royalty earned on the song to the fan community for marketing the song.
“The company plans to use the funds raised to grow its team across products, technology, expand industry partnerships and onboard well-known and aspiring Indian artists. This will be the first time in history that Indian artists will have a properly incentivized fanbase to market a song, which will create wonders in setting new milestones for the success of the song,” said Prashan Agarwal, CEO and Co-Founder of FanTiger.
He said the company’s vision is to onboard 10 million users to the platform.
“The FanTiger platform is uniquely positioned to grow ownership of digital collectibles in the music industry. We are thrilled to partner with Prashan, who brings extensive experience in building the largest platform -form of music streaming in India, to disrupt the music industry again,” said Kyle Samani, partner at Multicoin.
Prior to the official launch of FanTiger, the company opened an Early Access program for music fans at www.fantiger.com.
The Early Access Waitlist gives its fans a chance to get exclusive perks like priority access to music NFTs launch, OG title, limited edition merchandise, access to music concerts and more.
The biggest attraction on its early access waitlist is 5,000 free NFTs that it plans to give away to its first members, the company said in a statement.