India-based ArtistFirst Expertise Inc, which runs music NFT market FanTiger, has raised $5.5 million in a seed spherical led by Multicoin Capital.
FanTiger was based by Prashan Agarwal, the former CEO of outstanding Indian music streaming service, Gaana.
It was additionally co-founded by Krishna Singh, a pc science engineer from IIT Kanpur who brings 17+ years’ expertise heading know-how for numerous organizations.
FanTiger is likely one of the newest NFT startups to draw hundreds of thousands of {dollars} in funding, despite latest studies from the likes of the Washington Submit questioning the longer term worth of the broader NFT sector following latest instability within the crypto market.
The spherical noticed participation from Krafton, Pravega, GAMA, Woodstock, IOSG, Polygon Studios, Sandeep Nailwal (Co-founder Polygon), Gokul Rajaram, Prashant Malik and Miten Sampat.
By the FanTiger platform, customers can purchase music NFTs to get entry to unique communities, and earn rewards and privileges like unique content material, meet-n-greet alternatives, and backstage entry.
FanTiger says that artists can use proceeds from the sale of music NFTs on track creation, manufacturing and video, and also can commit a sure proportion of the royalty from the track to the fan group for advertising the track.
FanTiger is but to formally launch, however the firm has opened an early entry program.
Elsewhere within the world NFT market, Serenade just lately raised $4.2 million, plans enlargement into the US
“The enterprise of music needs to be to serve the very best pursuits of Artists.”
Prashan Agarwal
Prashan Agarwal, CEO and Co-founder, mentioned: “The enterprise of music needs to be to serve the very best pursuits of Artists.
“With the arrival of blockchain, music NFTs have the flexibility to disrupt the music business, very similar to music streaming reworked music listening.
“FanTiger is on the forefront of this revolution to redefine the music business by creating Artist-Fan relationships as has by no means existed earlier than to offer beginning to a brand new period for Music. Our imaginative and prescient is to onboard 10 million customers to our platform to personal digital collectibles and supercharge the profession of 100k artists.”
“The FanTiger platform is uniquely positioned to develop the digital collectibles possession within the music business.”
Kyle Samani, Multicoin
Kyle Samani, Associate, Multicoin, added: “The FanTiger platform is uniquely positioned to develop the digital collectibles possession within the music business.
“We’re excited to companion with Prashan, who brings huge expertise of constructing the biggest music streaming platform in India, to disrupt the music business as soon as once more.”Music Enterprise Worldwide
