While NFTs occupy an increasingly important place in the world of culture, especially music, many are wondering about the interest and the future of this system. To answer our questions we were able to interview Kévin Primicerio, CEO & co-founder of Pianitya French platform for musical NFTs.
Nothing better than meeting a specialist to understand and get a professional opinion.
What is the point of buying music NFTs? what is their added value?
NFTs present several interests for artists but also for their fans. With NFTs, fans and music collectors can finally actually own a piece and create collections of music 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’s a way to directly support your favorite artists, to collect pieces and to testify that you are part of the artist’s career, sometimes from the very 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 music NFT 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 closer to 12,000 NFTs. In total, it’s more than 2 million dollars that we donated to the artists, for many these are sums that they would never have perceived with streaming.
Things are moving very fast, we works with artists but also with labels and distributors in order 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 truly speak of a revolution with NFTs. 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 the property. The whole 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 logic: a piece has the same value as another piece, we restore 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 adventure of NFT music?
First, there is a financial issue. Although revenues from recorded music continue to grow, artists have suffered greatly from the transition to a streaming-based business model. Today, to earn 1000 € an artist must make more than 3 million streams, the volume is so difficult to reach that 97% of the artists present on Spotify earn less than 1000 $ per year! There is therefore a real need for artists to find a new way to monetize their music.
The other motivation is artistic. NFTs offer more freedom to artists for their creative process, for example they are no longer constrained by the format and duration of the pieces. Since compensation is no longer based on the number of plays, artists are not forced to make shorter songs to increase the number of streams.
Finally the third is to connect more with their fans and super fans, those who truly support them. Thanks to NFTs, the artist knows exactly who owns each NFT, so he can develop a closer relationship with these super fans, by offering them exclusive content, by offering backstage access to the owners of one of their NFTs, by adding them to private discussion groups.
Which “musical family” is the most sensitive to this new medium?
The electronic scene is particularly represented, in particular because many DJs are independent and own the masters. It is therefore easier for them to sell NFTs of their creations since there are fewer rights holders. Nevertheless, all artists are interested in NFTs, regardless of their volume of streams, the size of their audience or their musical genre.
Can music NFTs be considered a kind of financial investment? Sif this is the case how to avoid the danger of the speculative bubble?
Indeed, 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 so that they increase in value once the artist becomes better known, or else buy rare NFTs from already known artists to resell them at a higher price.
On the other hand, owning NFTs can also be a source of passive income. For example, on Pianity, each 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 very 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, because each time the NFT is resold, the artist receives 8% of the transaction.
Interview by Juliette Labati
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NFT and music: revolution or fad? Meeting with Kévin Primicerio co-founder of Pianity, NFT music platform! – Artistikrezo
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