Music NFT marketplace FanTiger said Wednesday that it has raised $5.5 million. 42 crore) in a seed round led by Multicoin Capital.
The round was attended by individuals including Crafton, Pravega Ventures, Gamma, Woodstock Fund, IOSG Ventures, Polygon Studios and Sandeep Nelwal (Co-Founder of Polygon), Gokul Rajaram (Board Member – Coinbase), Prashant Malik (Founder – Tykhe Block) Participation observed. Ventures) and Miten Sampath (CRED).
Founded by Krishna Singh, former CEO of Gaana and co-founder of PropTiger, FanTiger enables independent artists to build fan communities on the platform and helps fans shape their careers using Music NFTs.
FanTiger enables fans to purchase music NFTs to gain access to the artist community, earn rewards and exclusive privileges such as exclusive behind-the-scenes content, meet-n-greet opportunities and backstage access.
Artists can use the proceeds from the sale of Music NFTs for song production, studio production, music videos and more. They can also commit the fan community to marketing the song up to a certain percentage of the royalties earned from the song.
“The company plans to use the funds raised to grow its team in product, technology, expand industry partnerships and connect well-known and aspiring Indian artists,” Agarwal said.
Aggarwal said, “This will be the first time in history that Indian artistes will have a fanbase who is appropriately encouraged to market a song, which will do wonders in setting new milestones for the song’s success. “
Agarwal said that the company’s vision is to add 10 million users to the platform.
“The FanTiger platform is uniquely positioned to grow digital collectible ownership in the music industry. We are excited to partner with Prashan, who brings the vast experience of building the largest music streaming platform in India, to the music industry. To disrupt once again,” said Kyle Samani, partner at Multicoin.
Ahead of the official launch of FanTiger, the company has launched an early access program for music lovers at www.fantiger.com.
The Early Access waitlist gives its most eager fans the chance to receive exclusive benefits such as music NFTs, OG titles, limited-edition merchandise, access to music concerts and more.
The biggest attraction on its early access waiting list is the 5,000 free NFTs it plans to offer to its initial members, the firm said in a statement.