In the last decade, streaming platforms like Spotify, Soundcloud and Apple Music have completely transformed the music industry, allowing music to be streamed far and wide and accessible to all online. But for the artists, accessibility has posed a big issue when it comes to monetizing and owning the music they poured their hearts into. To put these values into perspective, 97% of artists on streaming platforms such as Spotify are currently earning less than $1,000 per year.
It is only now that the right technologies have emerged with the potential to return power to the artists. With a rise in digital assets known as nonfungible tokens (NFTs), artists are given a chance to fully own their content, directly connect with their fans and ultimately make a living from their music. Due to their significant potential, one of the largest music events of the year, SXSW, has made this topic one of the main takeaways.
At the latest event, one of the companies highlighted was Pianity, a music NFT marketplace. The project, which has made it their mission to shape the next iteration of the music industry, was hand-selected by the judges as finalists, where they were given a chance to give a three-minute presentation of their platform. Within the same event, Pianity was also an exhibitor in the Creative Industries Exhibition as part of the delegation of Business France at SXSW.
Building the future of music
As a part of their pitch, Pianity shared that their marketplace aimed at becoming a place where music is treated as limited editions before being made available to fans. The model makes the comparison to an artist who paints a picture that is automatically deemed one-of-a-kind. For musicians, the same reality is only possible through NFTs and blockchain technology, which guarantee ownership and allow artists to generate more income.
By using Pianity, artists have the opportunity to earn between 10 and 100 times more than they do with streaming platforms or a single song. These earnings have been recognized by SXSW, proving that value can be brought to music with the right foundation.
“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,” Kevin Primicerio, the CEO and co-founder of Pianity shares.
In addition to attending the event, Pianity announced new artists on the platform that were showcased at SXSW. On this list of early adopters are Angel Cintron, Eyelid Kid, Akeem Music and Attalie, among others.
The platform is now recognized as one of the first NFT platforms launched in 2021, selling over 11,000 nonfungible tokens and building a community of over 20,000 users.
To date, Pianity has reported success, as evidenced by the $2 million artists have earned collectively from NFT sales. Earlier in March, the team also had their initial seed round, which amounted to $6.5 million.
With this seed round under their belt, Pianity now plans to hire new talent, including developers, country managers and artists, open representative offices across the United States and Latin America while simultaneously scaling up artist onboarding. The team’s roadmap also points to the development of a mobile application and the pursuit of partnerships with music festivals worldwide.
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