NFT and music: revolution or fashion? Meeting with Kévin Primicerio co-founder of Pianity, NFT music platform!

While NFTs are occupying an increasingly important place in the world of culture, especially music, many are wondering about the interest and future of this system. To answer our questions, we were able to interview Kévin Primicerio, CEO and co-founder of Pianity, French platform for musical NFTs.

Nothing is better than meeting a specialist to understand and get a professional opinion.

Kévin Primicerio, CEO and co-founder of Pianity

What is the point of buying music NFTs? what is their added value?

NFTs present more interests to artists but also to 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 support your favorite artists directly, to collect pieces and testify that you’re part of the artist’s career, sometimes right from the 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 development of the music NFT market in France?

Also, several independent artists and labels sell NFTs. Today, we work with nearly 100 labels and over 500 artists at Pianity, which has sold closer to 12,000 NFTs. In total, it is more than $ 2 million we donated to the artists, for many it is the amount they would never have perceived with streaming.

Things are going very fast, we works with artists, but also with labels and distributors to propose a new fairer and more transparent model. This is a transition that will take place over time, just as the transition from legal (and illegal) downloading to streaming, we are entering a new era.

Shall we talk about evolution? Or revolution? Or fashion effect?

We can really talk about 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 especially music, could be duplicated indefinitely 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: one piece has the same value as another piece, we restore the status of art to music by letting artists create value around the work.

What is the motivation for the artists who embark on the adventure with NFT music?

First, there is an economic problem. While revenue from recorded music continues to grow, artists have suffered a lot during the transition to a streaming-based business model. Today, to earn € 1,000, an artist must create more than 3 million streams, the volume is so hard to reach that 97% of the artists present on Spotify earn less than $ 1,000 a year! There is therefore a real need for artists to find a new way to monetize their music.

The second motivation is artistic. NFTs give artists more freedom for their creative process, for example, they are no longer limited by the format and duration of the pieces. Since the 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 superfans, the ones who really support them. Thanks to NFTs, the artist knows exactly who owns each NFT, so he can develop a closer relationship with these superfans 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 most sensitive to this new medium?

The electronic scene is particularly represented, especially because many DJs are self-employed and own the masters. It is therefore easier for them to sell NFTs of their creations as 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 as a kind of financial investment? Sif this is the case, how to avoid the danger of the speculative bubble?

In fact, many NFT collectors are investors. Whether in music, visual arts or even games, NFTs can increase in value due to their rarity and the artist’s success. Some investors will buy NFTs from new artists so that they increase in value as 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, at Pianity, we donate 50% of sales in the previous week in tokens to our users every week. Depending on the size of your collection, you will receive a larger or smaller share of the redistributed income.

For example, if you buy an NFT from a new 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 sell this NFT at a higher price. In addition, the artist enjoys a resale right, because every time the NFT is resold, the artist receives 8% of the deal.

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Interview by Juliette Labati

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