[Funding alert] Ex-Gaana CEO's NFT music platform FanTiger raises $5.5M in seed round led by Multicoin

Prashan Agarwal, ex-CEO of Gaana and co-founder of PropTiger, is back with a new venture. This time, he has entered the world of NFTs.

On Tuesday, Prashan's ArtistFirst Technology Inc, which runs music NFT marketplace FanTiger, revealed it has raised $5.5 million in a seed round led by Multicoin Capital.

Other investors in the round included Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Ventures, Polygon Studios, as well as Sandeep Nailwal (Co-founder of Polygon), Gokul Rajaram, Prashant Malik and Miten Sampat.

What is FanTiger?

With NFTs bridging the gap between independent artists/creators and their fan communities, FanTiger is also making a play in helping fans gain exclusive privileges and rewards from artists they follow.

When fans buy music NFTs on FanTiger, they will reportedly get access to a range of special privileges including early access to exclusive, behind-the-scenes content, meet-and-greet opportunities, unreleased music, backstage access to concerts, etc., to strengthen direct engagement and loyalty with fans.

Prashan, 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 have the ability to disrupt the music industry structure, much like music streaming transformed music listening. Our vision is to onboard 10 million users to our platform to own digital collectibles and supercharge the career of 100k artists”.

According to lead investor Kyle Samani, Partner, Multicoin, the FanTiger platform is "uniquely positioned" to bring momentum to the digital collectibles market in music.

"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," he said.

Sandeep Nailwal, Co-founder of Polygon, explained, that he finds music 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,” he added.