NEW DELHI–(BUSINESS WIRE)–ArtistFirst Technology Inc, which runs music NFT marketplace FanTiger, said it has raised $5.5 million in a seed round led by Multicoin Capital. The round saw participation from Krafton, Pravega, GAMA, Woodstock, IOSG, Polygon Studios, Sandeep Nailwal (Co-founder Polygon), Gokul Rajaram, Prashant Malik and Miten Sampat.
Founded by Prashan Agarwal, ex-CEO of Gaana, and Krishna Singh, FanTiger empowers Independent Artists to build fan communities on the platform to help shape their career using music NFTs. Fans can buy music NFTs to get access to an exclusive Artist community, earn rewards and special privileges like exclusive content, meet-n-greet opportunities, backstage access, etc. Artists can use the proceeds from the sale of music NFTs for song creation, production, video and also can commit up to a certain percentage of the royalty from the song to the fan community for marketing the song.
Prashan Agarwal, CEO and Co-founder, said, “The business of music should be to serve the best interests of Artists. With the advent of blockchain, music NFTs have the ability to disrupt the music industry, much like music streaming transformed music listening. FanTiger is at the forefront of this revolution to redefine the music industry by creating Artist-Fan relationships as has never existed before to give birth to a new era for Music. Our vision is to onboard 10 million users to our platform to own digital collectibles and supercharge the career of 100k artists.
Kyle Samani, Partner, Multicoin, added, “The FanTiger platform is uniquely positioned to grow the digital collectibles ownership in the music industry. We are excited to partner with Prashan, who brings vast experience of building the largest music streaming platform in India, to disrupt the music industry once again.”
Ahead of FanTiger’s official launch, the company has opened an Early Access program for music fans on www.fantiger.com. The early access waitlist gives its most eager fans a chance to get exclusive benefits like priority access to music NFTs, OG title, limited-edition merchandise, etc., and a jaw-dropping 5,000 free NFTs.
Prashan, an alumnus of IIT Kanpur and ISB Hyderabad, was most recently the CEO of Gaana, India’s largest music streaming service. Krishna Singh is a Computer Science Engineer from IIT Kanpur and brings 17+ years of experience heading technology for various organizations.