Within the final decade, streaming platforms like Spotify, Soundcloud and Apple Music have fully reworked the music trade, permitting music to be streamed far and huge and accessible to all on-line. However for the artists, accessibility has posed a giant situation in terms of monetizing and proudly owning the music they poured their hearts into. To place these values into perspective, 97% of artists on streaming platforms akin to Spotify are at the moment earning lower than $1,000 per yr.
It’s only now that the fitting applied sciences have emerged with the potential to return energy to the artists. With an increase in digital property often known as nonfungible tokens (NFTs), artists are given an opportunity to totally personal their content material, straight join with their followers and in the end make a dwelling from their music. Resulting from their important potential, one of many largest music occasions of the yr, SXSW, has made this subject one of many predominant takeaways.
On the newest occasion, one of many corporations highlighted was Pianity, a music NFT market. The venture, which has made it their mission to form the following iteration of the music trade, was hand-selected by the judges as finalists, the place they got an opportunity to provide a three-minute presentation of their platform. Inside the similar occasion, Pianity was additionally an exhibitor within the Artistic Industries Exhibition as a part of the delegation of Enterprise France at SXSW.
Constructing the way forward for music
As part of their pitch, Pianity shared that their market geared toward changing into a spot the place music is handled as restricted editions earlier than being made obtainable to followers. The mannequin makes the comparability to an artist who paints an image that’s robotically deemed one-of-a-kind. For musicians, the identical actuality is barely doable by means of NFTs and blockchain expertise, which assure possession and permit artists to generate extra revenue.
Through the use of Pianity, artists have the chance to earn between 10 and 100 instances greater than they do with streaming platforms or a single track. These earnings have been acknowledged by SXSW, proving that worth might be delivered to music with the fitting basis.
“It’s very inspiring to take part in SXSW and contribute to constructing the way forward for music. NFTs have been disrupting the music trade for a yr now, and as extra persons are leaping into the Net 3.0 revolution, we’re thrilled to assist them,” Kevin Primicerio, the CEO and co-founder of Pianity shares.
Along with attending the occasion, Pianity introduced new artists on the platform that have been showcased at SXSW. On this checklist of early adopters are Angel Cintron, Eyelid Child, Akeem Music and Attalie, amongst others.
The platform is now acknowledged as one of many first NFT platforms launched in 2021, promoting over 11,000 nonfungible tokens and constructing a neighborhood of over 20,000 customers.
Enabling artists
Thus far, Pianity has reported success, as evidenced by the $2 million artists have earned collectively from NFT gross sales. Earlier in March, the group additionally had their preliminary seed spherical, which amounted to $6.5 million.
With this seed spherical underneath their belt, Pianity now plans to rent new expertise, together with builders, nation managers and artists, open consultant workplaces throughout the US and Latin America whereas concurrently scaling up artist onboarding. The group’s roadmap additionally factors to the event of a cell software and the pursuit of partnerships with music festivals worldwide.
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