Pianity Launched Secondary Market for Music NFTs
Pianity, the Web3 music NFT marketplace powered by Arweave, launched their secondary marketplace for its NFTs last month. This marketplace allows anyone holding an NFT to trade and resell their assets.
This is a historical moment, even if it’s not so obvious quite yet (read the thesis here), for musicians and the entire music industry that seek to thrive in the modern world. It will generate secondary market fees for the original creators/artists of the music NFTs – while at the same time allowing traders to flip their NFTs for a profit – creating a new Web3 music industry economy.
⭐ We’re thrilled to announce that our Secondary Market is open!
🔁 Collectors can now sell their #NFTs and buy new ones from other collectors
🎙️ For musicians: it opens the way to a new source of income through the Artist Resale Right
💎 Discover it: https://t.co/3SHCvPfT4K
— Pianity 💎 (@pianitynft) April 5, 2022
Similar to OpenSea’s approach, the platform offers two primary sale types, fixed price and auction. Any NFT on Pianity will also be susceptible to offers from people wanting to buy, even if it was not listed for sale by the owner. The owner will then be able to either accept or decline the offer.
Since the proliferation of digital media, no other technology has laid the course for changing the music industry like NFTs are doing right now. The new economy that will emerge from music NFT marketplaces, like the one Pianity is creating, will incentivise people to support contemporary artists.
NFTs offer proof of ownership and can be traced back to the original creator. Since everything is digital and lives on the blockchain, secondary fees from resales can automatically be allocated to the original creator. This fixes the major issue with current digital media like CDs and music streaming, where revenue generated over time is not necessarily fairly distributed to the original creators. When, for example, a CD is purchased by one person, only to be resold to 9 subsequent people, the artist only gets income from one sale instead of ten.
“Droit de suite,” or Artist’s Resale Right (ARR), is a right granted to artists or their heirs, in some jurisdictions, to receive a fee on the resale of their works of art. On the Pianity platform, ARR will increase artists’ revenue and the potential profits that NFT collectors can make.
Artists will receive 80% of the transaction cost on the original (first) sale and then 8% each time an NFT is resold in the secondary market.
“The community-driven Pianity platform continues to advance the state of the art in the NFT marketplace,” said Kévin Primicerio, CEO and co-founder of Pianity. “We’ve already empowered musicians to monetize their artwork via NFTs, and the availability of Artist’s Resale Right constitutes one more revolution for the music industry. We’re enabling a shift to a world where music is really treated as art, and artists can receive fair and continuous revenue each time a piece of music is resold, just like a painting or a sculpture.”
The launch of Pianity’s Secondary Market for Music NFTs came shortly after they announced they had raised $6.5m in their latest venture financing seed round. The capital raised will be used to bolster their efforts at partnering with major music industry giants and onboard more artists, further developing their protocol.