Marketplace Platform Enables Artists to Earn Money Each Time Their Music is Resold
PARIS – April 05, 2022 – Pianity, the NFT marketplace that enables artists and fans to create, collect and trade unique digital artwork, today announced the debut of its new secondary marketplace for music NFTs. The new functionality within Pianity’s platform enables NFT collectors to trade, sell and resell their limited-edition music NFTs to other collectors and therefore make a profit from the first buy. It also allows artists to earn money each time their NFT is resold.
The secondary marketplace enables collectors to resell individual NFTs at a fixed price, or via auction, with the option to set reserve prices. Soon there will be new capabilities that also allow other collectors to make offers on any NFT on the Pianity platform, even if those NFTs are not listed for sale. NFT holders can accept or refuse these offers at will.
The provable ownership and authenticity of each NFT helps to create new value around music. Collectors who purchase lower-priced NFTs from emerging artists stand to benefit as those artists gain popularity and their NFTs increase in value. The potential for asset appreciation and higher sale prices for limited-edition NFTs will continue to incentivize curators to spot emerging artists at an early stage, support them by investing in their art, and make a future profit. Artists benefit monetarily from the transaction as well. They receive 80% of the earnings made on the first sale of their NFT, and they continue to receive 8% each time an NFT is resold in the secondary market.
As a community-driven platform, the new functionality will facilitate interactions between collectors, while simultaneously benefitting artists through “droit de suite,” or Artist's Resale Right (ARR). The offering of ARR on the Pianity platform addresses a major inequality that musical artists face, which is the infinitely replicable nature of music files and the inability to identify the original creator or owner of the file. Using NFTs, authenticity and ownership can be definitively proven, just like any physical piece of art, such as a painting.
“The community-driven Pianity platform continues to advance the state of the art in the NFT marketplace,” said Kévin Primicerio, CEO and co-founder of Pianity. “We’ve already empowered musicians to monetize their artwork via NFTs, and the availability of Artist's Resale Right constitutes one more revolution for the music industry. We’re enabling a shift to a world where music is really treated as art, and artists can receive fair and continuous revenue each time a piece of music is resold, just like a painting or a sculpture.”
More About Artist’s Resale Right on Pianity
Artist's Resale Right (ARR) is a right granted to artists or their heirs, in some jurisdictions, to receive a fee on the resale of their works of art. On the Pianity platform, ARR will increase artists’ revenue and the potential profits that NFT collectors can make. On the first sale, artists receive 80% of the transaction, and they continue to receive 8% of the transaction each time an NFT is resold in the secondary market.
This exciting new market comes on the heels of Pianity’s $6.5M seed round, which is being used to scale the breadth of its music catalog, increase its headcount, and open offices in the U.S. and Latin America to support its reach across the music industry. The investment will also support the development of a mobile application as well as additional functionality for Pianity’s streaming services, such as creating an NFT playlist and building a library.
About Pianity
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 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.
To learn more, please visit www.pianity.com.
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