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Ex-Gaana CEO’s NFT Marketplace FanTiger Raises $5.5 Mn To Help Artists Create & Sell Music NFTs
Music NFT marketplace FanTiger on Wednesday said it has raised $5.5 million (about Rs 42 crore) in a seed round led by Multicoin Capital.

Music Artist using NFT

Techstory.in

Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, and Polygon were among the institutional investors in the seed round. Private contributors to the round included Polygon co-benefactor Sandeep Nailwal, Gokul Rajaram, Prashant Malik (through Tykhe Block Ventures), and Miten Sampat.

FanTiger, founded by Prashan Agrawal, ex-CEO of Gaana, and Krishna Singh, allows free artisans to create and sell music NFTs on its marketplace, and customers to buy the same NFTs, allowing the experts to generate an additional revenue stream.

Prashan is an IIT Kanpur and ISB Hyderabad graduate who was most recently the CEO of Gaana.com, the music streaming stage. He was also a co-benefactor of PropTiger.com, a property marketplace acquired by Singapore-based proptech firm Elara Technologies.

Clients may be a part of a community with the artisan. Being a local grants NFT holders incredible benefits, such as background material, meet-and-greet open doors, unreleased songs, and behind-the-scenes access to concerts, among other things.

FanTiger intends to use the funds to grow its team across product and technology, as well as to increase industry alliances and locally accessible important expertise.

Agrawal, FanTiger’s CEO and staunch supporter, said, “The purpose of music should be to benefit the artists. Music NFTs, using the blockchain method, have the potential to disrupt the music business structure in the same way that music streaming has disrupted music tuning in.”

The CEO also said that the firm hopes to acquire 10 million customers to its foundation to have digital collectibles and about 100K artisans to manufacture music NFTs.

“Music is one of the most intriguing applications for NFTs. Prashan’s unique experience as a recurring pioneer and music industry leader qualifies him as the greatest person to revolutionize the music industry in such a way that it engages experts and their followers “Sandeep Nailwal, another Polygon donor, agreed.

FanTiger is yet to launch, but it has initiated a promotion on its website, providing 5,000 free NFTs to the first 5,000 people.

Since its inception, Polygon has been an advertiser and sponsor of web3 new enterprises in the nation. The blockchain versatility arrangements supplier just raised $450 million in a funding round.

Polygon announced the main partner of 31 new firms of its web3 gas pedal initiative, PolygonLEAP 2021, in March 2022, in collaboration with Lumos Labs. New firms from Asia, North America, South America, Europe, and Oceania have joined the companion. There are 18 Indian new enterprises among them, while the rest are worldwide new firms.

Polygon has supported web3 warnings management Ethereum Push Notification Service (EPNS) by participating in its Series A investment round for $10.1 Mn.

NFTs have captured the creative minds of Indian clientele, as well as celebrities, the latter of whom see it as a possible revenue source. AR Rahman and Sonu Nigam collaborated with web3 organizations to create NFTs in the music industry.

The two-time Oscar winner has placed his NFTs on the Hedera Network, an NFT commercial hub launched by the HBAR Foundation. As it occurs, HBAR will compete with FanTiger as an instant challenger. Sonu Nigam, on the other hand, has worked with JetSynthesys, a computerized distraction firm, to send out NFTs aimed at the Indian diaspora living overseas.

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