FanTiger raises over Rs 42 crore

Music NFT marketplace FanTiger on Wednesday said it has raised USD 5.5 million (about Rs 42 crore) in a seed round led by Multicoin Capital.

The round also saw participation from Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios and individuals including Sandeep Nailwal (Co-Founder of Polygon), Gokul Rajaram (Board Member - Coinbase), Prashant Malik (Founder - Tykhe Block Ventures) and Miten Sampat (CRED).

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

''The company plans to use the funds raised to grow its team across product, technology, extend industry partnerships and onboard well known and aspiring Indian artists,'' Agarwal said.

FanTiger enables fans to buy music NFTs to get access to artist community, earn rewards and special privileges like exclusive behind the scenes content, meet-n-greet opportunities and backstage access.

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

''It will be the first time in history when Indian artists will have a fanbase which is properly incentivised to market a song, which will create wonders in setting new milestones for song success,'' Agarwal said.

He said the company's vision is to onboard 10 million users on the platform.

''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,'' Multicoin's Partner Kyle Samani said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)