Ex-Gaana CEO’s NFT Marketplace FanTiger raises $5.5 million to assist artists in creating and selling NFTs
- ByStartupStory | May 26, 2022
ArtistFirst Technology, which administers the FanTiger music NFT (Non Fungible Token) marketplace, raised $5.5 million in a seed round headed by Multicoin Capital on Wednesday. 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) also participated in the round.
FanTiger, founded by Prashan Agarwal, ex-CEO of Gaana and co-founder of PropTiger, and Krishna Singh, enables Independent Artists to develop fan communities on the site and allows fans to help influence their career through music NFTs. Fans may purchase music NFTs to gain access to an exclusive artist community, as well as receive incentives and privileges such as behind-the-scenes content, backstage access, and so on. Artists can utilise the revenues from the sale of music NFTs for song composition, studio production, music videos, and so on, and they can also pledge up to a set proportion of the song’s royalties to the fan community for marketing purposes.
Prashan Agarwal, CEO and co-founder of FanTiger said that music NFTs have the potential to disrupt the music industry, just like music streaming has altered music listening. The company’s goal is to have 10 million people join the site and become digital collectors. He further said that the funds will be used to expand the company’s product and technology teams, expand industry relationships, and onboard well-known and aspiring Indian musicians.
FanTiger is a music NFT marketplace that allows users to create, purchase, and sell digital collectibles. Sandeep Nailwal, co-founder of Polygon and Polygon Studios stated that Music is one of the most intriguing use cases for NFTs with a very high usefulness.
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