• FanTiger, a music NFT platform, raises $5.5 million to “empower independent artists”

  • The parent firm of FanTiger, a “NFT music platform” that seeks to “empower independent musicians,” has completed a $5.5 million seed investment round.

    ArtistFirst Technology, based in New Delhi, recently announced the multimillion-dollar financing, which is the latest in a long series of investment initiatives (and high-profile partnerships) from music-NFT platforms. Five-year-old Multicoin Capital (“a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies”) led today’s round.

    South Korean video-game company Krafton and Polygon Studios have also financed FanTiger, which was created by former Gaana CEO Prashan Agarwal and Krishna Singh (previously an exec at Gaana majority owner Times Internet).

    FanTiger has debuted a “early access program” ahead of its official launch – higher-ups do not appear to have identified a specific date for the rollout – that it claims will give “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.”

    The platform’s release emphasizes the “fan community” nature of the NFTs at hand, including granting diehard supporters “access to an exclusive Artist community” and allowing them to “earn rewards and special privileges like exclusive content, meet-and-greet opportunities, backstage access, and so on.”

    A significant fraction of the newest NFT platforms that reach the media spotlight have also highlighted their perceived ability to boost artist revenue by serving as a virtual meeting place for devoted followers. FanTiger, like other NFT firms, offers an extensive FAQ section on its website for obvious reasons.

    This resource illuminates various things not covered in FanTiger’s brief introduction message, including the service’s logistical elements. “Artists drop Music NFTs of their releases on FanTiger that Fans can purchase to help Artists,” the FAQ explains. “Artist[s] can commit up to a certain percentage of the Royalty earned from the song, for a limited period of time, to the Rewards Pool which is kept in a vault.”

    Those that purchase the NFT in question “also be awarded from this Rewards Pool, at the conclusion of the period, as a bonus for marketing the song,” according to FanTiger.

    Despite the plethora of music-NFT startups that have recently emerged on the scene, FanTiger cofounder and CEO Prashan Agarwal adopted an upbeat tone when explaining his vision for the startup.

    “The business of music should be to serve the best interests of Artists,” said Agarwal. “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,” concluded the PropTiger cofounder.

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