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ArtistFirst Technology raised $5.5 million for its NFT music platform FanTiger in the first round of funding led by blockchain investment firm Multicoin Capital. FanTiger allows music users to buy, sell, and create digital collectibles via its platform. The goal is to help independent artists grow their fan communities and make them a part of their careers through the use of music NFTs.
The investors include Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG, Polygon Studios, Polygon co-founder Sandeep Nailwal, and Coinbase board member Gokul Rajaram.
The NFTs traded on FanTiger will give fans access to exclusive artist content, while artists can use the proceeds from the NFT sales to continue producing and creating the music of the future. Essentially, the fans and artists can support each other through the decentralized community.
“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, much like music streaming transformed music listening,” said Prashan Agarwal, CEO of FanTiger
The platform is still in beta testing but has opened an “Early Access” waitlist for fans that will allow them to participate in a 5,000 free NFT giveaway. The company expects to add 10 million users to the platform and advance the careers of over 100,000 artists.
Last month, John Legend’s Web3 music platform, Our Song, raised $7.5 million in a seed round. The NFT platform also aims to support music artists and other creators and connect them with fans.
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