Over the past decade, streaming platforms such as Spotify, Soundcloud and Apple Music have revolutionized the music industry so that music can be streamed anywhere and made available to anyone on the Internet. But for artists, accessibility has become a major issue when it comes to making money and owning the music they put their heart into. To put those numbers into perspective, 97% of artists on streaming platforms like Spotify currently earn less than $ 1,000 annually.

Only now have the right techniques emerged that can restore strength to artists. With the use of digital assets known as non-fungible tokens (NFT), artists have the opportunity to fully own their content, communicate directly with fans and ultimately live off their music. With its great potential, one of the biggest music events of the year, SXSW, has made this theme one of the most important.

At the last event, Pianity, the NFT music marketplace, was one of the companies mentioned. The project, which set itself the task of shaping the next iteration of the music industry, was selected by the judges as finalists, with the opportunity to give a three-minute presentation to their platform. As part of the same event, Bianetti also exhibited at the Creative Industries Fair as part of the Business France delegation to SXSW.

The future of the music industry
As part of the presentation, Pianity shared that their market aims to be a place where music is treated as a limited edition before it is made available to fans. The model is compared to the artist who paints a picture that is automatically considered unique. For musicians, the same reality is only possible with the help of NFTs and blockchain technology, which guarantees ownership and allows artists to generate more income.

With Pianity, artists can earn 10-100 times more than on streaming platforms or on a single song. This income was recognized by SXSW, which proves that music can be rewarding with the right foundation.

“Being part of SXSW and helping to build the music of the future is so inspiring. NFTs have been transforming the music industry for a year now, and with more people joining the Web 3.0 revolution, we are happy to support them, says Kevin Premesiro, CEO and co-founder of SXSW. Pianity.

In addition to attending the event, Pianity has announced new artists on the platform that have been shown on SXSW. Early adopters include Angel Cintron, Eyelid Kid, Akeem Music and Attalie.

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The platform is now recognized as one of the first NFT platforms launched in 2021, selling over 11,000 non-fungible tokens and building a community of over 20,000 users.

Engaging artists
So far, Pianity has reported its success, as evidenced by the $ 2 million that artists have earned in total from NFT sales. The team also had its No. 1 tour earlier in March, which came in at $ 6.5 million.

With this initial roundup under its belt, Pianity now plans to recruit new talent, including developers, country managers and artists, and open offices in the United States and Latin America, while expanding the artist pool. The team’s roadmap also indicates the development of a mobile application and the desire to collaborate with music festivals around the world.

Source: CoinTelegraph