ArtistFirst Technology Inc, which runs music NFT marketplace FanTiger has raised $5.5 million in its Seed funding round led by Multicoin Capital.
Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon and other angle investors including GokulRajaram, Prashant Malik and MitenSampat also participated in this round.
The company will use the funds to grow its team in product technology, expand industry partnerships, and engage key actors.
Fantiger was founded by Ex-CEO of Gaana Prashan Agrawal and Krishna Singh, It allows independent artists to create and sell music NFTs in their marketplace and allows users to purchase said NFTs, allowing artists to create another revenue stream.
Earlier, Prashan Agrawal co-founded PropTiger, a property marketplace which later acquired byElara Technologies.
Users can be part of a community with the artist and being in this community gives NFT holders special privileges such as behind-the-scenes content, meet-no-hello opportunities, backstage access to unreleased music and concerts, etc.
“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 structure, much like music streaming transformed music listening”, said, Prashan Agrawal, co-founder and CEO of FanTiger.
He also added that the company is looking to onboard 10 million users to create digital collectibles on its platform and around 100K artists to create music NFTs.
The startup is yet to launch, but it has launched a giveaway on its website to offer its initial members 5,000 free NFTs.
“Music is one of the most exciting use cases for NFTs. Prashan’s exceptional track record as a repeat founder and music industry executive makes him the ideal person to transform the music industry in a way that empowers artists and their fans”, said, Sandeep Nailwal, co-founder of Polygon.
Since its inception, Polygon has been a promoter and supporter of Web3 startups in the country.
“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”, said, Kyle Samani, Partner, Multicoin.