Although NFTs occupy an increasingly important place in the world of culture, especially music, many wonder about the interest and future of this system. To answer our questions we were able to interview Kévin Primicerio, CEO and co-founder of Pianity, French musical NFT platform.
Nothing better than going to a specialist to understand and obtain a professional opinion.
What is the point of buying music NFTs? What is your added value?
NFTs present various interests for artists but also for their fans. With NFT, music fans and collectors can finally own a piece and build music collections that belong to them.
Buying an NFT from an artist is the opportunity to show your support and create a special and emotional bond with the artist, by acquiring a unique piece. It is a way to directly support your favorite artists, collect pieces and testify that you are part of the artist’s career, sometimes from the beginning.
It is also a way to be rewarded for this support. Because each NFT is unique and the authenticity and ownership of the original work can be proven, it can increase in value based on its rarity and as the artist’s career progresses.
What is the progress of the NFT music market in France?
Also more independent artists and labels are selling NFTs. Today we work with nearly 100 labels and over 500 artists on Pianity who have sold close to 12,000 NFTs. In total, there are more than 2 million dollars that we donate to the artists, for many they are sums that they would never have received with streaming.
Things are moving too fast, we works with artists but also with labels and distributors to propose a new fairer and more transparent model. This is a transition that will take place over time, like the transition from legal (and illegal) downloading to streaming, we are entering a new era.
Should we talk about evolution? Or revolution? Or fashion effect?
We can really talk about a revolution with NFT. It is a technology that is part of the transition from web2 to web3, the Internet of decentralization, trust and ownership. Until now a digital file, and in particular music, could be duplicated ad infinitum without being able to identify the original file and ownership. The entire NFT revolution lies in this ability to authenticate the originality and ownership of each file, all of which is publicly stored on the blockchain.
Above all, each file is unique and has its own value, it is the end of an economic model for the music industry. We get out of the logic: a piece has the same value as another piece, we return the status of art to music by allowing artists to create value around the work.
What are the motivations of the artists who embark on the NFT music adventure?
First of all, there is a financial problem. Although recorded music revenue continues to grow, artists have suffered greatly from the transition to a streaming-based business model. Today, to earn €1,000 an artist must stream over 3 million, volume is so elusive that 97% of artists on Spotify earn less than $1,000 a year! So there is a real need for artists to find a new way to monetize their music.
The other motivation is artistic. NFTs offer artists more freedom for their creative process, for example, they are no longer limited by the format and duration of the pieces. Since compensation is no longer based on the number of plays, artists are not required to make songs shorter in order to increase the number of plays.
Finally the third is to connect more with their fans and super fans, those who really support them. Thanks to NFTs, the artist knows exactly who owns each NFT, so they can develop a closer relationship with these superfans, offering them exclusive content, giving behind-the-scenes access to owners of one of their NFTs, adding them to a private discussion. groups
Which “musical family” is the most sensitive to this new medium?
The electronic scene is particularly represented, not least because many DJs are independent and own the masters. Therefore, it is easier for them to sell NFTs of their creations as there are fewer rights holders. However, all artists are interested in NFTs, regardless of their volume of streams, the size of their audience, or their music genre.
Can music NFTs be considered a type of financial investment? yesif this is the case, how to avoid the danger of the speculative bubble?
In fact, many NFT collectors are investors. Whether in music, visual arts, or even gaming, NFTs can increase in value due to their rarity and the success of the artist. Some investors will buy NFTs from emerging artists to increase in value once the artist becomes better known, or buy rare NFTs from well-known artists to resell at a higher price.
On the other hand, owning NFTs can also be a source of passive income. For example, at Pianity, every week we donate 50% of the sales made the previous week in tokens to our users. Depending on the size of your collection, you receive a greater or lesser share of the redistributed income.
If, for example, you buy an NFT from an emerging artist at a price of €40, if this artist becomes well known, the value of his works will increase and you will therefore be able to resell this NFT at a higher price. In addition, the artist benefits from a resale right, since every time the NFT is resold, the artist receives 8% of the transaction.
For more information you can visit the site: https://pianity.com
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