As we are moving forward to a decentralized and community-driven music platform, we are thrilled to announce that Pianity is officially becoming a DAO. As part of this transformation, NFT drops on Pianity will now be voted on by $PIA owners.
The community gets to decide on which artists and tracks will be minted and sold as NFTs on the marketplace. After implementing a Reward Program to redistribute the profits of the sales on the platform, giving tokens to the ones supporting artists, the Toplist
What is a DAO?
DAO stands for “Decentralized Autonomous Organization”, it’s a new way of organizing people and distributing ownership to a variety of stakeholders in complete independence.
It is the most equitable organizational structure as DAOs are owned by the people who create value in them, instead of concentrating ownership into the hands of founders and investors. DAOs put community decisions up to a vote, which is recorded and can be verified on the blockchain. To understand more about DAO, we recommend this article.
Give back full independence to the artists through a direct-to-fan economy
Generated revenues for recorded music have been dramatically dropping over the past years. It became an urge to offer a new way to monetize their work on their own terms. Most artists can’t make a living out of their tracks. Therefore, we created Pianity to empower artists with a new source of income so they can finally make a living out of their passion.
Artists can now autonomously submit their tracks to PianityDAO. If approved by the DAO, the track will be minted as an NFT and sold as a limited-edition on the marketplace.
Maintaining the scarcity and quality of NFT
Over the past few months, NFTs have emerged at such a fast pace that it has become difficult for collectors and fans to evaluate the quality of an NFT. Until today, we took responsibility for the artist curation, but we are now confident that our strong and growing community of artists, fans, and collectors will do the best job.
How to submit a track?
It is the key step that a complete profile provides a better picture of an artist, accordingly, the DAO will have a thorough understanding towards the artist as well. Profile picture, biography, and socials are minimal requirements.
After your profile is created you will be able to submit your first track. A track comes with a cover and a description. The more unique and creative, the more chance it can convince the community. The track will integrate the Toplist as soon as it is submitted. Every day the first track will be removed from the Toplist and approved for NFT release.
How to vote?
On the Toplist page, you’ll find the ranking in real-time where you can vote for the releases. Voting is possible for all $PIA owners: the amount of votes is determined by the number of $PIA multiplied by the lock period.
One $PIA locked for 2 weeks is equal to one vote. For example, 10 $PIA locked for 1 month (4 weeks) is equivalent to 10 * 2 = 20 votes.
Currently, all the $PIA are locked for 6 months. Therefore one $PIA is worth about 12 votes.
To summarize: 1 $PIA locked for 2 weeks gives you 1 vote. 1 $PIA locked for 4 weeks will give you 2 votes, and so on. Your $PIA remains locked for the period selected, even if the track you voted for is approved. Once the lock period expires, you can lock them again to get votes.
Get rewards for your votes!
Every day, 100 $PIA will be distributed among the voters of the track that’s been approved by the DAO. The tokens will be distributed based on the number of votes per collector, with a decreasing value per vote, depending on the number o votes already given.
Here’s the formula : \sqrt{\frac{b+v}{t}}-\sqrt{\frac{b}{t}}
How to get $PIA?
At the moment, the only ways to earn $PIA are :
- Collecting NFTs and receiving cashback in tokens during our promotion
- Being ranked in our leaderboards
- Voting in the Toplist
FAQ
