Music NFT Marketplace FanTiger Raises $5.5 Million In Funding
ArtistFirst Technology, which runs music NFT (Non-Fungible Token) marketplace FanTiger, has raised $5.5 million in a seed funding round led by Multicoin Capital.
Krafton, Woodstock Fund, IOSG Ventures, Pravega Ventures, GAMA, Polygon Studios and individuals Sandeep Nailwal (co-founder of Polygon), Gokul Rajaram (board member – Coinbase), and Miten Sampat (CRED), also participated int he funding round.
The startup plans to use the raised funds to grow its team across product, and tech, extend industry partnerships and onboard well-known and aspiring Indian artists.
FanTiger | A Music NFT Marketplace
Founded by Prashan Agarwal, ex-CEO of Gaana and co-founder of PropTiger, and Krishna Singh, FanTiger is a music NFT marketplace working to create a decentralized community for artists and their fans by providing a platform for creating, buying, and selling digital collectibles.
FanTiger empowers independent artists to build fan communities on the platform and enables fans to help shape their careers using music NFTs.
Speaking about the development, Prashan Agarwal, CEO and co-founder of FanTiger, said,
“Music NFTs have the ability to disrupt the music industry, much like music streaming transformed music listening. Our vision is to onboard 10 million users to our platform to own digital collectibles.”
Using FanTiger, fans can buy music NFTs to get access to an exclusive artist community, earn rewards and privileges like behind the scenes content, backstage access, etc.
Artists can use the proceeds from the sale of music NFTs for song creation, studio production, music video, etc. They also can commit up to a certain percentage of the royalty earned from the song to the fan community for marketing the song.
The company has opened an early access programme for music fans on FanTiger’s website ahead of its official launch. It will provide its most eager fans with a chance to get exclusive benefits such as priority access to the launch of music NFTs, OG titles, limited-edition merchandise, access to music concerts and more.
In recent times, the Web3.0 space, especially the NFT ecosystem, has gained a lot of traction. Several Indian NFT platforms have raised funding this year. Recently, several NFT startups, including cricket NFT platform Rario, FanCraze and celebrity NFT platform Colexion raised funds.
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