India-based ArtistFirst Technology Inc, which runs music NFT marketplace FanTiger, has raised $5.5 million (₹42 Crore) in a seed round led by Multicoin Capital.
FanTiger was founded by Prashan Agarwal, the former CEO of prominent Indian music streaming service, Gaana and co-founded by Krishna Singh, a computer science engineer from IIT Kanpur who brings 17+ years’ experience heading technology for various organizations.
Excited / Thrilled to announce that @FanTiger_com, a music NFT marketplace, has raised $5.5 million in seed funding led by @multicoincap along with @KraftonIndia @PravegaVC @Woodstockfund @IOSGVC @0xpolygon @polygonstudios @sandeepnailwal @gokulr @miten @TykheBV #FanTigerMusicNFT pic.twitter.com/5uktR8Mu2t
— Prashan Agarwal (prashana.eth) (@prashan_agarwal) May 25, 2022
The round saw participation from Krafton, Pravega, GAMA, Woodstock, IOSG, Polygon Studios, Sandeep Nailwal (Co-founder Polygon), Gokul Rajaram, Prashant Malik and Miten Sampat.
Through the FanTiger platform, users can buy music NFTs to get access to exclusive communities, and earn rewards and privileges like exclusive content, meet-n-greet opportunities, and backstage access. FanTiger says that artists can use proceeds from the sale of music NFTs on song creation, production and video, and can also commit a certain percentage of the royalty from the song to the fan community for marketing the song.