India-based music NFT platform FanTiger, founded by ex-Gaana CEO Prashan Agarwal, raises $5.5m
India-based ArtistFirst Technology Inc, which operates music exchange NFT FanTiger, has raised $5.5 million in a seed round led by Multicoin Capital.
FanTiger was founded by Prashan Agarwal, former CEO of popular Indian music streaming service, Gaana.
It was also co-founded by Krishna Singh, a computer science engineer from IIT Kanpur who brings more than 17 years of experience in the technology field to various organizations.
FanTiger is one of the latest NFT startups to attract millions of dollars in funding, despite recent report from the likes of Washington Post question the future value of the broader NFT field after recent unstable on the cryptocurrency market.
This round saw participation from Krafton, Pravega, GAMA, Woodstock, IOSG, Polygon Studios, Sandeep Nailwal (Polygon Co-Founder), Gokul Rajaram, Prashant Malik and Miten Sampat.
Through the FanTiger platform, users can purchase NFTs of music to gain access to exclusive communities, while also earning rewards and perks like exclusive content, meeting opportunities, and behind-the-scenes access. .
FanTiger says that artists can use the proceeds from the sale of NFTs of music for songwriting, production and video recording, and can also pledge a certain percentage of royalties from the song. for the fan community to market the song.
FanTiger hasn’t officially launched yet, but the company opened an early access program.
Elsewhere in the global NFT market, the recent Serenade lift up $4.2 million, plans to expand to the US
“The music business must serve the best interests of the Artist.”
Prashan Agarwal
Prashan Agarwal, CEO and Co-Founder, said: “The music business should serve the best interests of the Artist.
“With the advent of blockchain, music NFTs have the potential to disrupt the music industry, just as music streaming has transformed listening to music.
“FanTiger is at the forefront of this revolution to redefine the music industry by creating an Artist-Fan relationship like never before to usher in a new era for Music. Our vision is to bring 10 million users onto our platform to own digital collections and advance the careers of 100k artists. ”
“The FanTiger platform is uniquely positioned to grow ownership of digital collections in the music industry.”
Kyle Samani, Multicoin
Kyle Samani, Partner, Multicoin, added: “The FanTiger platform is uniquely positioned to increase ownership of digital collections in the music industry.
“We are delighted to partner with Prashan, who brings vast experience in building the largest music streaming platform in India, to disrupt the music industry once again.”Worldwide music business
