Today’s first post is FanTiger Connecting NFTs with Music. FanTiger, India’s first NFT-based music community site co-founded by Prashan Aggarwal and Krishna Singh was officially opened to the public on July 29, 2022. They have already promoted the 2 artists on their platform – Sunanda Sharma, Punjabi Pop Singer and Actor and Sahil Samuel, Rock Singer, Indie Rock Band, Nalayak.
FanTiger Connecting NFTs with Music
FanTiger is India’s first music NFT (non-fungible tokens) marketplace. Started by a serial entrepreneur, Prashan Agarwal, FanTiger empowers independent artists to build fan communities and enables fans to play a role to supercharge the growth of artists by buying music NFTs and help them capture more value from their work.
Fans can buy and invest in music NFTs of the artists they like, via marketplaces similar to FanTiger. Currently, FanTiger is the only dedicated music NFT market place in the country that is trying to bring the fan community together, in order to support the artists on three fronts – funding, marketing and distribution.
Depending on the amount of money being raised by the artists, the NFTs are created and value is derived for each NFT. Fans then buy these NFTs on the FanTiger platform helping the artists raise the desired money.
For example – An artist wants to raise Rs. 2 million to create the song video and market it. In this case, 2000 NFTs of Rs 1000 each could be issued to raise the money. Once the song is created, it will play on various streaming platforms like gaana.com, spotify.com, youtube.com etc. The royalty income generated from the streaming of the song will be distributed between the artist and the fans in a 50:50 ratio. If the song becomes a hit, the upside will benefit both the artist and the fans. So, it’s a win-win situation for everyone.
In a nutshell, for the contribution a fan makes by buying a music NFT on FanTiger platform, they get a lot of exclusive privileges along with the royalty income. With this arrangement, the artist only has to focus on the art and FanTiger supports them in the marketing and distribution of the song. In fact, in this case, even fans will market the song as they have partial ownership of the song. This is completely different from the good old days when fans would just listen to the song and maybe talk to one or two of their friends about the song. But with NFTs, fans have incentive to market and popularize the song.
“To my mind, NFTs are creating a level playing, open and transparent field both in terms of fund raised and distribution of income amongst fans. All this is captured on the blockchain. Once we open the marketplace in the next 2-3 months, these NFTs could be sold from one person to another and generate more income”, says Prashan Agarwal, CEO and Cofounder, FanTiger.
Prashan adds, “While we are currently launching NFTs with top artists, our platform is not restricted to them. We will soon open our platform for new and budding artists, who wish to launch their songs and we would like to be known as a Do-It-Yourself (DIY) market place where the artists can take control of their career”.
Elaborating future plans, Prashan says, “Currently, FanTiger is building on partnerships in its pipeline, with a focus on music in various Indian languages such as Punjabi, Tamil, Marathi, Bhojpuri, etc. We aim to onboard 10 million fans into the community and spread education and awareness around digital collectibles. The broader vision is to establish a DIY platform for creators to engage directly with their fans where both sides stand to gain financially. This vision is not limited to music – FanTiger believes a similar formula can be extended to TV series, movies or other multimedia content formats on the its platform.”