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Music NFT marketplace FanTiger on Wednesday said it has raised $5.5 million ( 42 crore approximately) 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 Prashan Agarwal, ex-CEO of Gaana and co-founder of PropTiger, and Krishna Singh, FanTiger empowers Independent Artists to build fan communities on the platform and enable fans to help shape their career using music NFTs.

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.

"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 added.

"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.

Agarwal added that the company's vision is to onboard 1 crore 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.

Ahead of FanTiger's official launch, the company has opened an Early Access programme for music fans on www.fantiger.com.

The early access waitlist gives its most eager fans a chance to get exclusive benefits such as priority access to the launch of music NFTs, OG title, limited-edition merchandise, access to music concerts and more. 

The biggest pull to its early access waitlist is the jaw-dropping 5,000 free NFTs it plans to give away to its early members, the firm said in a statement.

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