Music-focused NFT platform FanTiger has completed a $5.5 million funding round led by Multicon Capital and backed by Polygon Studios, Woodstock Fund and others.
FanTiger has raised $5.5 million from Polygon Studios, Mlticon Capital, Krafton, Woodstock, Pravega, GAMA and IOSG Ventures. The fundraising round also attracted participation from individual investors, including Sandeep Nailwal (co-founder of Polygon), Gokul Rajaram (board member – Coinbase), Prashant Malik (founder – Tykhe Block Ventures) and Miten Sampat (CRED).
Excited to announce that we’ve raised $5.5 million in seed funding led by @multicoincap along with @KraftonIndia @PravegaVC @Woodstockfund @IOSGVC @0xpolygon @polygonstudios @sandeepnailwal @gokulr @miten @TykheBV #FanTigerMusicNFT pic.twitter.com/yGNLO52sVy
— FanTiger Music NFTs (@FanTiger_com) May 27, 2022
Fantiger and the music marketplace
FanTiger is a music-focused NFT marketplace operated by ArtistFirst Techonoloy Inc. The company’s goal is to give independent creators and artists the opportunity to create fan communities on the blockchain.
The platform is founded by Prashan Agarwal, former CEO of Gaana and co-founder of PropTiger, along with Krishna Singh. The platform also offers fans the opportunity to engage with their favorite artists through NFTs.
Music NFTs are popularly used by creators to give fans access to the artist community, and earn special rewards and privileges such as exclusive backstage content, meet and greet opportunities and backstage access.
On the other hand, artists create an extra revenue stream while increasing their production by using the proceeds from the sale of music NFTs for song creation, studio production and music videos, among others.
NFTs also offer artists the opportunity to earn royalties or split royalties with fans as a reward for marketing the song.
Commenting on the latest fundraiser, Prashan Agarwal, CEO and co-founder of FanTiger, said, “The company plans to use the funds raised to grow its team in terms of products and technology, expand industry partnerships and sign up well-known and aspiring Indian artists.”
It will be the first time in history that Indian artists will have a properly incentivized fan base to market a song, which will do wonders in setting new milestones for song success,” added Agarwal.
Excited / Thrilled to announce that @FanTiger_com, a music NFT marketplace, has raised $5.5 million in seed funding led by @multicoincap along with @KraftonIndia @PravegaVC @Woodstockfund @IOSGVC @0xpolygon @polygonstudios @sandeepnailwal @gokulr @miten @TykheBV #FanTigerMusicNFT pic.twitter.com/5uktR8Mu2t
— Prashan Agarwal (prashana.eth) (@prashan_agarwal) May 25, 2022
FanTiger is on a mission to bring tens of millions of users into the world of music NFTs.
Multicoin partner Kyle Samani echoed these remarks and said FanTiger is on the path to growing ownership of digital collectibles in the music industry.
“We are delighted to partner with Prashan, who brings extensive experience in building the largest music streaming platform in India, to disrupt the music industry once again,” Samani added.
Fans can get early access to the platform at fantiger.com for a chance to receive exclusive benefits such as priority access to the release of music NFTs, OG titles, and more.