In pursuit of excellence and improved partnerships and services, the music-based NFT marketplace FanTiger, known as ArtistFirst Technology Inc., said it has raised a sum of money, up to the tune of $5.5 million in a seed round, which was led by Multicoin Capital. ArtistFirst Technology revealed this on Tuesday, May 24th. The round also saw the participation of many prominent ventures, some of which are: Pravega Ventures, Woodstock Fund, Polygon Studios, Krafton. Individuals also participated in the round. Some of them include the co-founder of Polygon, Sandeep Nailwal; Miten, Sampat, Prashat Malik, and Gokul Rajaram.
Use of the raised funds
The company has plans to make use of the raised funds to help build its team, focusing on technology and the company’s products. It also aspires to strengthen its collaboration and bring on board artists of exceptional quality and production in the art world. FanTiger, the music-based platform that makes use of NFT, is co-founded by Prashan Agarwal, who happens to be an alumnus of the prestigious IIT Kanpur and ISB Hyperbad.
What FanTiger does
FanTiger has served as a career-helping platform, especially for upcoming artists. The platform helps artists to build their fan communities and also enables fans to play a key role in aiding the career development of their preferred and loved artists. The fans are able to do this by buying music NFTs. The platform is such a balanced one as the benefits are mutual for both fans and artists. The fans have access to benefits like access to unreleased songs, behind-the-scenes content, and backstage access to concerts, among others.
“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 helps create artist-fan relationships like never before.” said Prashan, CEO and Co-Founder of FanTiger. He also stated that the goal is to promote the career of 100,000 artists by having more than 10 million users on the platform.
Also speaking on the partnership with FanTiger, Kyle Samani of Multicoin said Prashan, through his platform, has helped promote rightful ownership of music. He praised Prashan for his incredible contribution to the music industry.
