SXSW 2022 points to NFTs as the next champion of the music industry

Within the final decade, streaming platforms like Spotify, Soundcloud and Apple Music have utterly remodeled the music trade, permitting music to be streamed far and broad and accessible to all on-line. However for the artists, accessibility has posed an enormous concern in the case of monetizing and proudly owning the music they poured their hearts into. To place these values into perspective, 97% of artists on streaming platforms corresponding to Spotify are at present earning lower than $1,000 per 12 months.

It is just now that the appropriate applied sciences have emerged with the potential to return energy to the artists. With an increase in digital belongings often called nonfungible tokens (NFTs), artists are given an opportunity to completely personal their content material, instantly join with their followers and finally make a dwelling from their music. On account of their important potential, one of many largest music occasions of the 12 months, SXSW, has made this subject one of many foremost takeaways.

On the newest occasion, one of many corporations highlighted was Pianity, a music NFT market. The challenge, which has made it their mission to form the subsequent 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 aimed toward changing into a spot the place music is handled as restricted editions earlier than being made out there to followers. The mannequin makes the comparability to an artist who paints an image that’s routinely deemed one-of-a-kind. For musicians, the identical actuality is barely doable via NFTs and blockchain expertise, which assure possession and permit artists to generate extra earnings.

By utilizing 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 may be delivered to music with the appropriate 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 12 months now, and as extra individuals are leaping into the Internet 3.0 revolution, we’re thrilled to help them,” Kevin Primicerio, the CEO and co-founder of Pianity shares.

Along with attending the occasion, Pianity introduced new artists on the platform that had 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 group 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 staff additionally had their preliminary seed spherical, which amounted to $6.5 million.

With this seed spherical below their belt, Pianity now plans to rent new expertise, together with builders, nation managers and artists, open consultant places of work throughout the USA and Latin America whereas concurrently scaling up artist onboarding. The staff’s roadmap additionally factors to the event of a cell utility and the pursuit of partnerships with music festivals worldwide.