Pianità, the French music market NFT, has been making announcements for several weeks. After an initial investment round of over $ 1 million in funding, the platform was officially launched on July 13, 2021. This platform is packed with specificity and brings an artist-centric view on the use of NFTs. Also, today Pianity unveils the possibility of staking music NFTs to receive a reward! Exclusively for cointribune.com, one of Pianity’s founders, Kevin Primicerio answers our questions!
Could you introduce yourself to our readers?
I’ve been in the crypto ecosystem since about 2017. Before, I was generally in technology but mostly in science as I have a master’s degree in fundamental physics and a doctorate in mathematics. I also did school 42, which I completed in 2018. Later, in 2019 I developed a startup accelerator that invests mainly in 42 alumni. Then, more recently, I started with several partners, in the foundation of the NFT marketplace project dedicated to music: Pianità.
How would you describe Pianity to those who still don’t know him?
Pianity is the first French platform for music NFTs. Its creation stems from our vision, which is the observation that the business model of the music industry is no longer suitable, and this for many reasons. Indeed, many artists struggle to find financial balance through their music, and that’s partly because the music industry value chain is modeled on a model that hasn’t been updated for many years. About 90%, and probably more, of the music money goes to a few established artists. The others receive an income of -1000 euros per month, and this mainly thanks to streaming. So, in Pianity, we believe that blockchain as well as NFTs can bring a lot to artists, and thus “shuffle the cards”. I think it’s fair to draw a parallel with the video game industry, which is constantly reinventing its business models. Indeed, the game is still growing and innovating thanks to these new technologies, with the aspect of “earn-to-play” for example. However, the music industry meanwhile is unable to transform with the same agility, as it is blocked by more players. Pianity actually seeks to promote the paradigm shift in the music ecosystem by allowing artists to sell content from their universe online, with an approach in which they are at the center of the value chain.
Pianity: competitor or partner of record companies?
Pianity does not seek to compete with established musicians such as labels or record companies. Instead, Pianity seeks to collaborate with them, allowing them to create and generate a new remuneration channel for artists. Our first users are independent artists and labels, because they are free to position themselves as they wish in the NFT ecosystem, which is not the case with artists signed to “majors” (dominant record companies). However, I continue to qualify my statement by revealing that we are increasingly approached by great artists, but what is achievable with them depends a lot on the contract that binds them to their record companies. Finally, Pianity is a bridge to the transition that is the NFT, and I think we all have our part to play in shaping this nascent blockchain music ecosystem.
Pianity’s technology is not based on Ethereum or Tezos, can you tell us more?
In fact, we are not on Ethereum or Tezos, but on Arweave. For us, Arweave is the future of NFT. Simply because the storage of the NFT content is on this blockchain, permanent and unalterable. Ecosystem experience has shown that Ethereum is not suitable for NFT because the blockchain itself is not designed for data storage. The NFT metadata (more or less the NFT image or music) is stored outside the blockchain. At worst, they are kept on AWS servers, and that’s dramatic for the decentralized aspect of NFT. Sometimes metadata is stored on IPFS, but this technology is severely lacking in stability, so the content can become inaccessible indefinitely at any time … So, on Arweave, these questions the immortal accessibility of the NFT content does not arise. Plus, the Arweave community is just great. Finally, on Arweave, there is the technology called “Atomic NFT”. Thanks to this, not only the smart contract points to the NFT data, but also the NFT data points to the contract. It therefore becomes impossible to attempt a subtle duplication of the NFT.
What is Pianity’s development vision for the future?
As said before, we need to question the music business model and change the experience for artists and their communities. Very soon, Pianity will support the spread of generative art, which will make the platform much more immersive. We are also looking very closely at the experiences to offer our artists and their fans within the metaverse; we have many agreements on this subject in the pipeline. Ideally, we would also like Pianity to have NFT bridge technology, to also position ourselves in the heart of nearby DeFi and metaverse ecosystems. More generally, despite being a French project, we are already positioning ourselves as an international project, with a multilingual site developed in this sense. Our initial content pool was also electronic, which allowed us to break down the language barrier in part and right from launch.
Staking NFT on Arweave, a world first, right?
When buying an NFT, the buyer instantly loses the liquid aspect of the invested value. However, in exchange for the purchase, the Pianity user has approved an artist and we believe these buyers should be rewarded for it. Pianity then decided, first in the world on Arweave, to create a staking system for Pianity NFT. Concretely, Pianity now distributes part of its income to NFT Pianity holders, in proportion to the quantity and value of the NFTs collected. Every Tuesday, and based on the previous week’s Pianity revenue, Pianity redistributes a prize to NFT holders. The first reward, which drops today (August 3, 2021), is associated with a 150% APY. Technically, we follow the movements of the Pianity NFTs, then we calculate the percentage of the and finally we send it to the owners. Distribution takes place every Tuesday and calculations are made every Sunday evening at midnight.
What is the healing process of the plane?
Care is always at the center of the development of a market. Today we are contacted directly by the artists or we contact them to provide curatorship. However, in the future, they are the members of our platform, and in particular our artists and users, who will be able to choose to propose new artists, because after all Pianity’s impulse to evolve the world of music must be communal.
Markets are growing more and more and are penetrating ever more different sectors and sectors. New concepts are emerging and thanks to NFTs a new way for artists to interact with its community is emerging. The NFT ecosystem continues to grow, and it is certain that the next few months will bring their share of surprises in this regard. Finally, maybe NFTs will democratize blockchain and cryptocurrencies to the general public?
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A musician at heart, the discovery of the blockchain rang in me like a melody. Today, I try to spread this wonderful technology to as many people as possible, which will shape the world of tomorrow on many levels. If you have any comments or questions, don’t hesitate to contact me on my Linkedin!