NFT marketplace FanTiger raised $5.5 million in seed funding led by Multicoin Capital. Institutional investors like Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, and Polygon with angel investors including Polygon co-founder Sandeep Nailwal, Gokul Rajaram, Prashant Malik, and Miten Sampat also participated.
FanTiger plans to use the funds to grow its team across product and tech, extend industry partnerships, and onboard major artists.
Founded by Prashan Agrawal, ex-CEO of Gaana, and Krishna Singh, FanTiger allows independent artists to create and sell music NFTs on its marketplace and users to buy the said NFTs, allowing the artists to create one more revenue stream.
Prashan is an alumnus of IIT Kanpur and was most recently the CEO of Gaana.com. He was also the co-founder of PropTiger.com, the property marketplace acquired by Singapore-based proptech company Elara Technologies.
FanTiger allows musicians to create and sell music NFTs on its marketplace, which users can then purchase to join a community. FanTiger intends to use the funds to expand its product and technology teams, expand industry partnerships, and sign major artists. FanTiger has not yet launched, but it has initiated a giveaway on its website, offering 5,000 free NFTs to early members.
The users can be a part of a community with the artist. Being in this community gives the NFT holders special privileges such as behind-the-scenes content, meet-n-greet opportunities, unreleased music, and backstage access to concerts.
Sandeep Nailwal, Co-founder of Polygon, said, “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.”
Polygon has been a promoter and supporter of web3 startups in the country since its inception.
Agrawal, CEO, and co-founder of FanTiger said, “The business of music should be to serve the best interests of Artists. With the advent of blockchain, music NFTs can disrupt the music industry structure, much like music streaming transformed music listening.”
The CEO added that the startup is looking to onboard 10 Mn users to its platform to own digital collectables and around 100K artists to create music NFTs.
In March 2022, Polygon, with Lumos Labs, announced the first cohort of 31 startups of its web3 accelerator program, PolygonLEAP 2021. Out of these, 18 are Indian startups, while the rest are international startups.
In the music segment, AR Rahman and Sonu Nigam have joined hands with web3 companies to create NFTs. The two-time Oscar winner has dropped his NFTs on the Hedera Network, an NFT marketplace launched by the HBAR Foundation. On the other hand, Sonu Nigam has partnered with JetSynthesys, a digital entertainment startup, to launch NFTs targeted at the Indian diaspora living abroad.
Incidentally, HBAR will also compete with FanTiger as a direct competitor. Rario, an NFT startup focused on cricket, is tokenizing important moments in cricketing history. The startup recently raised $120 Mn from Dream Capital, Alpha Wave, and others to secure more rights to create more NFTs.
BollyCoin, a Bollywood-focused NFT startup, launched its own NFT marketplace late last year, starting with the NFTs of Salman Khan.