Paris, November 25, 2021, Pianity, the music NFT platform, becomes a DAO (Decentralized Autonomous Organization), a platform governed by its members. In addition to the redistribution of profits among users, Pianity's users and holders of tokens have the power to vote for songs submitted by artists to be published and sold as NFTs. This is the first DAO set up in France.
Music and Web3: a fair, autonomous and decentralized platform
DAO is a new form of organization specific to Web3. It operates according to a set of governance rules written inthe smart contract. Pianity becomes the first music platform managed collectively by its members:
- To evaluate songs and NFT projects
- To decide collectively to approve the next track to be minted
- To distribute the platform's rewards and benefits among active members
Thanks to the smart contract, the votes arecounted, the results are executed and the transactions are carried outautomatically.
Giving back their independence to artists
Since its launch in July 2021, and in light oft he popularity of NFTs, many artists have been looking into using this technology to monetize their music. If the artistic curation on Pianity was handled internally by the teams, then the transition to an autonomous and decentralized organization gives the power back to the artists and the members of the DAO.
Thus,artists now have complete autonomy to create their profile and submit their tracks on Pianity. Once the profile is created and the tracks are submitted, it is automatically included in the waitlistwhere DAO members can vote for or against the submitted tracks.
Each member has a number of votes according to the number of tokens owned. Members can acquire $PIA, Pianity's token, by buying tracks, or by participating in different actions and decisions of the platform.
Each day, the track on the top of the Waitlist is approved by the DAO to be released and soldas an NFT, while the song at the bottom is rejected by the DAO and removed from the list. Once the track is approved, the artist will be accompanied by Pianity's teams to define the date and the marketing strategy of the NFT.
Ensure fair revenues for artists and promote a sharingeconomy
On Pianity, artists can sell their tracks inlimited editions: 1, 10, 100 or even 1000 copies. Like limited-edition vinyls,NFTs can increase in value depending on the track, the level of rarity, theartists and their communities.
On each transaction, the artist receives 80% of the value from the transaction and 8%of the NFT is resold. While revenues from recorded music sales have fallen drastically to the benefit of streaming platforms, NFTs offer artists a new source of income far superior to that of streaming.
Beyond the benefits received by the artists,the transformation of Pianity into a DAO also promotes an economy of sharingamong its members. Through a reward program, each week DAO members receive a percentage of the sales made on theplatform, divided according to the value of each member's collection.
In addition, the most active members, those who buy NFTs, those who invite the most new users or those who contribute the most to the Pianity Discord server receive more than 15,000 tokens every week. DAO members are therefore encouraged to support the artists and participate in the platform's decisions in order to receive the benefits.