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 fully remodeled the music business, permitting music to be streamed far and large and accessible to all on-line. However for the artists, accessibility has posed an enormous difficulty in relation to monetizing and proudly owning the music they poured their hearts into. To place these values into perspective, 97% of artists on streaming platforms resembling Spotify are presently earning lower than $1,000 per 12 months.

It’s only now that the best 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 totally personal their content material, straight join with their followers and finally make a dwelling from their music. Resulting from their vital potential, one of many largest music occasions of the 12 months, SXSW, has made this matter one of many major takeaways.

On the newest occasion, one of many firms highlighted was Pianity, a music NFT market. The challenge, which has made it their mission to form the subsequent iteration of the music business, was hand-selected by the judges as finalists, the place they got an opportunity to offer a three-minute presentation of their platform. Throughout the identical 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 robotically deemed one-of-a-kind. For musicians, the identical actuality is just potential by way of NFTs and blockchain know-how, 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 music. These earnings have been acknowledged by SXSW, proving that worth may be dropped at music with the best 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 business for a 12 months now, and as extra individuals are leaping into the Net 3.0 revolution, we’re thrilled to assist them,” Kevin Primicerio, the CEO and co-founder of Pianity shares.

Along with attending the occasion, Pianity introduced new artists on the platform that have 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

Up to now, Pianity has reported success, as evidenced by the $2 million artists have earned collectively from NFT gross sales. Earlier in March, the group additionally had their preliminary seed spherical, which amounted to $6.5 million.

With this seed spherical underneath 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 group’s roadmap additionally factors to the event of a cellular software and the pursuit of partnerships with music festivals worldwide.