NFT music platform FanTiger raises $5.5 million

New Delhi: ArtistFirst Technology, which runs music NFT (Non Fungible Token) marketplace FanTiger, on Wednesday raised $5.5 million in a seed round led by Multicoin Capital. The round also saw participation from Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios and individuals Sandeep Nailwal (co-founder of Polygon), Gokul Rajaram (board member – Coinbase), Prashant Malik (founder – Tykhe Block Ventures) and Miten Sampat (CRED), according to a release.

FanTiger is a music NFT marketplace providing a platform for creating, buying and selling digital collectibles.

Founded by Prashan Agarwal, ex-CEO of Gaana and co-founder of PropTiger, and Krishna Singh, FanTiger empowers Independent Artists to build fan communities on the platform and enable fans to help shape their career using music NFTs. 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 and also can commit up to a certain percentage of the royalty earned from the song to the fan community for marketing the song.

Prashan Agarwal, CEO and co-founder, 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.”

“The company plans to use the funds raised to grow its team across product, tech, extend industry partnerships and onboard well-known and aspiring Indian artists”, Agarwal added.

“Music is one of the most exciting use cases for NFTs with a very high utility,” said Sandeep Nailwal, co-founder of Polygon and Polygon Studios.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.