Music NFT Marketplace raises $5.5 Million – FanTiger

FanTiger, a music NFT marketplace, announced on Wednesday that it had secured $5.5 million in a seed round headed by Multicoin Capital. Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios, and individuals such as Sandeep Nailwal (Co-Founder of Polygon), Gokul Rajaram (Board Member – Coinbase), Prashant Malik (Founder – Tykhe Block Ventures), and Miten Sampat participated in the round as well (CRED).

FanTiger, founded by former Gaana CEO Prashan Agarwal, aims to empower independent musicians by allowing fans to help shape their careers through music NFTs.

“The money will be utilised to grow the company’s employees across product, technology, and industry collaborations, as well as onboard well-known and aspiring Indian singers,” said Agarwal.

Fans can purchase music NFTs to get access to the artist community, earn awards, and receive special perks such as exclusive behind-the-scenes content, meet-and-greet chances, and backstage access through FanTiger.

The earnings from the sale of music NFTs can be used by artists for a variety of purposes, including songwriting, studio production, and music video production. They can also pledge a portion of the song’s royalties to the fan community for marketing purposes.

“For the first time in history, Indian musicians will have an audience that is properly incentivized to market a song,” Agarwal continued.

He stated that the company’s goal is to have 10 million users on the platform by the end of the year.

“The FanTiger platform is in a unique position to assist the music industry in the development of its digital collectables market. We’re thrilled to team up with Prashan, who has extensive expertise developing India’s largest music streaming platform, to once again disrupting the music industry “Kyle Samani, a Multicoin partner, stated.