Music-focused NFT Marketplace has sold 11,000 NFTs to date, artists on the platform have collectively earned over $1.9 million
PARIS – March 2, 2022 – Pianity, the NFT marketplace that enables artists and fans to create, collect and trade unique digital artwork, announced on March 2 that it has secured $6.5 million in its seed round of venture financing.
The round is being led by Digital Renaissance Foundation, Big Brain Holdings, and Longhash Ventures, with participation from IOSG; LD Capital; Sebastien Borget, co-founder and chief operating officer at TheSandBox; ViaBTC; ArkStream Capital; Arweave and Ronny Shibley, chief technology officer and co-founder at Gorillas.
Pianity allows artists to sell their tracks as limited editions and connect with their fans, bringing a new way to monetize and create value from music. Pianity is among the first nonfungible token (NFT) platforms launched in 2021. Since its launch, it has sold close to 11,000 NFTs and has over 20,000 users on the platform. Artists have collectively earned over $1.9 million from NFT sales.
Proceeds from the investment will enable Pianity to execute its plans to partner with major music companies worldwide. In addition, the company will expand its headcounts with a world-class team of country managers and artists relations managers. It will open offices in the United States and Latin America to support its expanded reach across the music industry. The investment will also support the development of a mobile application and additional functionality for Pianity’s streaming services, such as creating an NFT playlist and building a library.
“NFTs open up great opportunities for all artists because they are transforming the music industry business model,” said Kevin Primicerio, CEO and co-founder of Pianity. “With NFTs, artists can monetize their music like never before, which is something they couldn’t do with traditional streaming platforms. We’re excited about this funding round because it enables us to move forward in transforming the business model for online music.”
Poised to transform the music industry
In addition to growing its global footprint, this seed round investment will enable Pianity to scale up artist onboarding and increase the depth and breadth of its music catalog — including the addition of more artists and music genres — while also allowing the company to partner with major music festivals.
Pianity is releasing new artists on their platform this week, including Big Narstie, Luciano and Elephanz. Artists on Pianity are releasing new music as NFTs that isn’t available on any other music streaming app.
The Pianity platform is already working with jazz pianist Sarkis Ricci. “I sold 100 copies of a never-released composition on Pianity for over $150,000. That’s the kind of value that only a very few can reach on streaming platforms. With NFTs, we can connect directly to our audience and create value around music.”
The Pianity platform offers users a one-of-kind perk that sets it apart from the competition to create a fairer ecosystem for artists and collectors. Pianity’s the first profit-sharing community that redistributes 50% of its earnings in tokens to all active users each week. For example, if $1,000 of NFTs were sold in a week, Pianity takes 20% per their fee ($200) and then the rest ($100) would be redistributed to active users. The amount users receive is based on the size of their NFT collection (the bigger their collection, the higher their reward) and the volume of transactions. Pianity developed this system to reward collectors for their support to musicians. More information on the profit-sharing program can be found here: https://blog.pianity.com/why-we-distribute-50-of-our-fees-to-the-community-35c89523101d.
Cao Yin, the founder of the Digital Renaissance Foundation and the top NFT collector in Asia, believes that music NFTs are the way of the future. “Music is more likely to resonate with the community, and, therefore, the NFT music market should be larger than the visual NFTs market,” he commented. “I followed and invested in Pianity at an early stage because I believe that the iteration speed of the company’s platform will catch up with traditional internet companies. It offers a more compelling value proposition for both artists and collectors.”
Pianity is a music NFT platform — built on environmentally-conscious Arweave technology — where musicians and their communities gather to create, sell, buy and collect songs in limited editions, certified by blockchain technology. Pianity’s pioneering approach, which includes free listening for all, enables deeper connections between artists and audiences. Because Pianity treats music as a fine art, artists can gain a new source of independent revenue while simultaneously enabling fans and collectors to grow and showcase their music collections. Pianity is privately held and headquartered in Paris, France. To learn more, please visit www.pianity.com.