nft: FanTiger NFT market raises $ 5.5 million

New Delhi: Music NFT market FanTiger Wednesday said it raised $ 5.5 million (around Rs 42 crore) in a seed round led by Multicoin Capital. The round also saw the participation of Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, polygon Studies and individuals including Sandeep Nailwal (Polygon co-founder), Gokul Rajaram (council member – Coinbase), Prashant Malik (founder – Tykhe Block Ventures) and Miten Sampat (CRED).

Founded by the former Gaana CEO Prashan Agarwal, FanTiger focuses on enabling independent artists to build fan communities on the platform and enable fans to help shape their careers using Musical NFTs.

“The company plans to use the funds raised to grow its team on products, technology, extend industry partnerships and integrate well-known and aspiring Indian artists,” said Agarwal.

FanTiger allows fans to purchase music NFTs to access the artist community, earn special rewards and privileges such as exclusive behind-the-scenes content, dating opportunities, and backstage access.

Artists can use the proceeds from the sale of music NFTs for song creation, studio production, music videos, among others. They can also pledge up to a certain percentage of the royalties earned from the song to the fan community for marketing the song.

“It will be the first time in history that Indian artists will have an adequately incentivized fan base to market a song, which will create wonders in setting new milestones for the song’s success,” said Agarwal.

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He said the company’s vision is to integrate 10 million users on the platform.

“The FanTiger platform is uniquely positioned to grow digital collectibles ownership in the music industry. We are thrilled to partner with Prashan, who brings extensive experience building India’s largest music streaming platform, to shock once again the music industry, ”said Multicoin Partner Kyle Samani said.

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