Over the past few years, we’ve seen numerous Initial Coin Offerings (ICO) led to funds early-stage projects. It became one of the most common ways for blockchain-based projects to raise funds and pursue their development. It even became a synonym of success for many companies: “The more money they raise, the better the project is supposed to be”.
Even though it’s a good solution for crowdfunding, we believe success is not entitled to the amount of money raised with unknown investors or speculators. We believe in community, we believe that our token has meaning, utility, and value. That’s why we decided that we won’t do an ICO.
Earning the $PIA
From the very beginning, we’ve decided that $PIA is meant to be earned. Not just by buying it, but giving meaning to own it. We started by offering $PIA to NFTs holders as a reward and a grateful gesture for supporting musicians. Following the “reward” logic, we implemented Leaderboards that reward the most active members of Pianity in tokens
The ones who buy the most NFTs, who bid the most often, who invite the most people, and who participate the most in our Discord.
It is not only about how much people spend on Pianity, but also, how much they contribute to the community. We’ve distributed thousands of tokens to people who were “just” talking about NFTs, music, or whatever topic they wanted on our Discord. Because these conversations and interactions contribute to improving Pianity on a daily basis.
We (don’t) need the money
The main purpose of an ICO is to fund start-ups at an early stage, to get through the product development process, hire people, and to have a cash flow. As young and promising Pianity is, we feel that we’re no longer at this stage anymore. Yes, we do have many functionalities to develop, yes we’re hiring talented people, and yes, we want to make profit, but we’re doing it together with the community, not entitled to unknown investors.
Protect the community and the value of the $PIA
The ICO world is full of pump-and-dump schemes, speculators investing during a pre-sale or an ICO just to sell the token once it’s listed, and leave the project. We strongly believe in the current and future value of the $PIA, as a utility token meant to change the music industry, and so do our early adopters, investors, collectors, and artists.
By not doing an ICO, we’re making sure that once our token is listed, its value won’t dump because of ICO-investors selling their tokens. You can be sure that the value of the $PIA you own will only grow together with a committed community.