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

As NFTs occupy an increasingly important place in the world of culture, especially music, many are wondering about the importance and future of this system. We were able to conduct an interview to answer our questions Kévin Primicerio, CEO & Co-Founder of Pianity, French platform of musical NFTs.

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

Kévin Primicerio, CEO & Co-Founder of Pianity

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

NFTs offer different interests for artists, as well as for their fans. With NFTs, fans and music collectors can finally own a piece and create music collections 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, collect pieces and testify that you’re 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 may increase in value based on 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 nearly 12,000 NFTs. In total it is more than 2 million dollars that we have donated to the artists, for many this is amounts that they would never have seen with streaming.

Things are moving 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 happen over time, just as with the transition from legal (and illegal) downloading to streaming, we are entering a new era.

Do we need to talk about evolution? Or revolution? Or fashion effect?

With NFTs we can really speak of a revolution. 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 indefinitely without being able to identify the original file and its property. The entire NFT revolution lies in this ability to verify the originality and ownership of every 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 run out of logic: a 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 are the motivations of the artists who embark on the adventure of NFT music?

First, there is a financial problem. While revenues from recorded music continue to grow, artists have suffered greatly from the transition to a streaming-based business model. To earn 1000€ today an artist has to make more than 3 million streams, the volume is so hard to achieve that 97% of the artists present on Spotify earn less than 1000$ a year! So there is a real need for artists to find a new way to monetize their music.

The other motivation is artistic. NFTs offer artists more freedom in their creative process, for example they are no longer limited by the size and duration of the pieces. Because the fee 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 way is to connect more with their fans and super fans, the ones who really support them. Thanks to NFTs, the artist knows exactly who owns each NFT so that he can develop a closer relationship with these superfans by offering them exclusive content, by providing backstage access to the owners of one of their NFTs, by allowing them add to private discussion groups.

Which “musical family” is most sensitive to this new medium?

The electronic scene in particular is represented, especially since many DJs are independent 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 amount of streams, the size of their audience or their genre of music.

Can music NFTs be considered a type of financial investment? sif so, how to avoid the danger of the speculative bubble?

Many NFT collectors are indeed investors. Whether in music, visual arts or even gaming, NFTs can increase in value due to their rarity and artist success. Some investors buy NFTs from emerging artists so that they increase in value as the artist becomes better known, or they buy rare NFTs from well-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, we donate 50% of the previous week’s revenue in tokens to our users every week. Depending on the size of your collection, you will receive a larger or smaller part of the redistributed income.

For example, if you buy an NFT from an emerging artist for a price of $40, if this artist becomes highly known, the value of his works will increase and you can resell this NFT at a higher price. In addition, the artist benefits from a resale right, because every time the NFT is resold, the artist receives 8% of the transaction.

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Interview by Juliette Labati

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