Pianity is taking the NFTs world by storm. The paintings are immediately believed to be one-of-a-kind, leaving most people to wonder why music, another type of art, is not getting the same attention. In the past 10 years, streaming platforms like SoundCloud, Spotify, and Apple Music have entirely transformed the music sector. They have enabled music to get streamed far and wide and accessible to everyone online.
But for the artists, accessibility seemed to have posed a major issue when it comes to the monetization and ownership of the music that they poured their hearts into. To put all these values into perspective, 97% of the artists on streaming platforms like Spotify are now earning less than $1,000 annually.
It is just now that the right technologies have come up with the potential to return power to the artists. With a surge in digital assets known as nonfungible tokens (NFTs), artists are allowed to entirely own their content, directly link with and interact with their fans and eventually make a decent living from their music.
Due to the massive potential, one of the biggest music events of the year, SXSW, has made the topic one of the key takeaways. At the most recent event, one of the firms highlighted was Pianity, a music NFT marketplace.
The project has made it their mission to shape the next iteration of the music sector, was chosen by the judges as finalists, where they were offered an opportunity to give a 3-minute presentation of their platform. During the same event, Pianity was also an exhibitor in the Creative Industries Exhibition as part of the delegation of Business France at SXSW.
Setting Up The Future Of Music With NFTs
As part of their pitch, Pianity insisted that their marketplace strived to become a place where music is considered limited editions before being available to the fans. The model makes the comparison to an artist who paints a picture that is directly considered to be one-of-a-kind.
For the musicians, the same reality is just possible via NFTs and blockchain technology, which assure ownership and enable the artists to generate more income. Through using Pianity, artists can earn 10 to 100 times more than they do with the streaming platforms or one song.
These earnings have been seen by SXSW, proving that value can be introduced to music with the right foundation. The CEO and co-founder of Pianity shares, Kevin Primicerio, said:
“It’s very inspiring to participate in SXSW and contribute to building the future of music. NFTs have been disrupting the music industry for a year now, and as more people are jumping into the Web 3.0 revolution, we’re thrilled to support them.”
Apart from attending the event, Pianity said that the new artists on the platform were showcased at SXSW. On the list of the early adopters are Eyelid Kid, Akeem Music, Angel Cintron, and Attalie, among others.
The platform is currently recognized as one of the first NFT platforms launched in 2021. It has sold more than 11,000 NFTs and built a community of more than 20,000 users.
Supporting Artists
Currently, Pianity has reported a lot of success, as seen by the $2 million artists have earned cumulatively from the NFTs sales. Earlier in March, the team also had their first seed round, which amounted to $6.5 million.
With this seed round already completed, Pianity now wants to hire some new talent, like country managers, developers, and artists. They also want to open representative offices across Latin America and the United States while concurrently scaling up artist onboarding.
The team’s roadmap also points to the development of a mobile app and the pursuit of partnerships with music festivals globally.
