FanTiger, a music NFT marketplace owned by ArtistFirst Technology Inc, announced today, 25th May, that it had secured 5.5 million USD in a seed round. The funding round, led by Multicoin Capital, also saw participation from Krafton, GAMA, Pravega Ventures, Woodstock Fund, IOSG Ventures, and Polygon Studios.
Individuals like Sandeep Nailwal; co-founder of Polygon, Gokul Rajaram; board member of Coinbase, Prashant Malik; founder of Tykhe Block Ventures, and Miten Sampat; from CRED also participated in the round.
The NFT music platform will use the fresh capital to build blockchain technology to help new and independent artists supercharge their careers, powered through fan communities.
FanTiger was founded by Prashan Agarwal, the former CEO of Gaana and co-founder of PropTiger, and Krishna Singh to help Independent Artists develop fan communities on the platform and allow fans to help shape their careers through music NFTs.
The platform enables fans to purchase music NFTs to gain access to an exclusive community of an artist, earn awards, and get special perks like exclusive behind-the-scenes content, meet-and-greet chances, and backstage access, among other things.
Artists can utilize the earnings from the sale of music NFTs to fund songwriting, studio production, and music videos. They can also pledge up to a set percentage of the royalties received from the song to the fan community for marketing purposes.
The Growth Trajectory of FanTiger
“The business of music should be to serve the greatest interests of Artists,” said Agarwal. “Music NFTs, like music streaming, have the potential to disrupt the music industry with the arrival of blockchain technology. FanTiger is at the vanguard of this revolution to reinvent the music industry by fostering unprecedented artist-fan ties and ushering in a new era of music.”
Agarwal further added that it would be the first time in history that artists from India will have their fanbase who are incentivized to advertise a song, which has the potential to do wonders in terms of setting song success milestones.
“Our goal is to attract 10 million users to our platform, allowing them to acquire digital artifacts and boosting the careers of 100,000 artists. We will use the raised funds to expand the company’s personnel across Product and Technology, broaden industry relationships, and onboard well-known and aspiring Indian artists,” Prashan added.
NFTs are Disrupting the Music Industry
“The FanTiger platform is perfectly positioned to develop the digital collectibles holdings in the music industry,” Kyle Samani, Partner, Multicoin, noted. “We are pleased to work with Prashan, who has extensive expertise developing India’s largest music streaming platform, to disrupt the music industry once again.”
“Music is one of the most fascinating and high-utility use cases for NFTs,” Sandeep Nailwal, co-founder of Polygon and Polygon Studios, said. “Prashan’s expertise as a repeat founder and music business executive makes him the right person to reinvent the music industry such that benefits artists and their fans.”
FanTiger has started an Early Access program for music fans on www.fantiger.com ahead of its official launch. The early access waitlist allows the game’s most ardent fans to receive special perks like priority access to the debut of music NFTs, OG titles, limited-edition merchandise, and tickets to music concerts. The unique 5,000 free NFTs it wants to give its early subscribers is the key attraction to its early access waitlist.