FanTiger, an NFT music service, achieves a $5.5 million investment as part of an initial funding deal. Multicoin Capital is spearheading the pilot round. It also includes Krafton, Pravega Ventures, GAMA, Woodstock Fund, IOSG Endeavors, as well as Polygon Productions.
Retail investors that partake were Polygon co-founder Sandeep Nailwal and Coinbase board chairman Gokul Rajaram. At the event, Tykhe Block Ventures creator Prashant Malik, as well as CRED’s principal designer Miten Sampat, are present.
According to a news statement, they will be using the funds to support the firm’s aims of enabling independent artists and establishing fan communities.
In terms of operating details, FanTiger’s publication highlights the fan community character of the NFTs at stake. This involves giving ardent fans access to a private artist community. Furthermore, it enables customers to earn incentives. They also have exclusive benefits such as unique material, meet-and-greet opportunities, and backstage access.
Non-fungible tokens are at the core of this scheme. However, how do NFTs fit into what the company refers to as Music 3.0?
NFTs Propels into Music Innovation
The music industry is a difficult one to break into. Artists confront several apparently insurmountable hurdles, most of which derive from a power imbalance in favor of record firms.
FanTiger, on the other hand, intends to change things up by allowing direct support of artists via NFTs. The Rewards Pool mechanism allows fans to profit monetarily as well. Performers sell NFTs of their music on the marketplace. Thus, they also have a complete choice over how the earnings are spent, such as on composition or video creation.
A portion of the royalties that a certain NFT produces might allocate to a separate Rewards Pool. The NFT owners of that song will receive payment from the Rewards Pool at the conclusion of a predetermined time. The more prominent the song, the more money-holders receive.
Once FanTiger’s NFT platform is operational, these NFTs will be marketable on the second-hand market.
Conversely, fans may interact with the artist via community access, prizes, and what FanTiger refers to as exclusive money-can’t-buy advantages. These benefits comprise access to behind-the-scenes information, meet-and-greet chances, new songs, and backstage access during performances.
The FanTiger Early Access Program is Available
Prashan Agarwal, CEO, and co-founder of FanTiger believes that the music industry should prioritize artists above record companies. He went on to say that blockchain technology and music NFTs will upend the old music business structure.
FanTiger, as per Agarwal, is at the vanguard of this change, demonstrating to the world how NFTs may reshape the music business. FanTiger facilitates the formation of new Artist-Fan ties, ushering in a new age in music. Agarwal has lofty goals for the FanTiger platform, including onboarding 10 million individuals and 100,000 musicians.
An Early Access Program is for people who want to join in on the ground floor before the company’s formal debut. The first 5,000 subscribers will enjoy a free NFT as well as other advantages. They will have access to the most popular music NFTs, tickets, and special edition merchandise.