ArtistFirst Technology Inc, which operates NFT music marketplace FanTiger, announced on Tuesday that it raised $5.5 million in a funding 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, Prashant Malik and Miten Sampat.
What will the funds be used for?
The company said it plans to use the funds raised to grow its team in product and technology, expand industry partnerships and onboard major artists.
FanTiger is co-founded by Prashan Agarwal, an alumnus of IIT Kanpur and ISB Hyderabad, former CEO of Gaana and co-founder of PropTiger, and Krishna Singh, a computer engineer from IIT Kanpur.
What does FanTiger do?
FanTiger allows independent artists to build fan communities on the platform and allow fans to play a role in shaping their careers by purchasing music NFTs. These musical NFTs give fans a chance to be part of an exclusive community with the artist and gain special privileges and earn rewards. Special privileges like early access to exclusive backstage content, dating opportunities, unreleased music, backstage access to concerts, and more. to build direct fan engagement and loyalty, he said in a statement.
Prashan, CEO and co-founder of FanTiger, said, “The music business should be about serving the best interests of artists. With the advent of blockchain, music NFTs have the ability to disrupt the structure of the music industry, just as music streaming has transformed music listening. FanTiger helps create artist-fan relationships like never before, it will usher in a new era for music. Our vision is to onboard 10 million users to our platform to own digital collectibles and boost the careers of 100,000 artists.”
Early Access Program
Prior to the official launch of FanTiger, the company opened an Early Access program for music fans at www.fantiger.com. The Early Access Waitlist gives its most eager fans a chance to get exclusive perks, like priority access to the launch of musical NFTs, an OG title, limited-edition merchandise, access to concerts music and more. The biggest attraction on its early access waiting list is the jaw-dropping 5,000 free NFTs it plans to give away to its first few members.
Kyle Samani, Partner, Multicoin, added, “The FanTiger platform is uniquely positioned to grow ownership of digital collectibles in the music industry. We are thrilled to partner with Prashan, who brings vast experience in building India’s largest music streaming platform, to once again disrupt the music industry.
“Music is one of the most exciting use cases for NFTs. Prashan’s outstanding track record as a music industry founder and leader makes him the ideal person to transform the music industry. music in a way that empowers artists and their fans,” said Polygon co-founder Sandeep Nailwal.
Posted: Wednesday May 25th 2022, 09:55 IST