Pianity just announced its secondary marketplace for music NFTs. This marketplace allows collectors and dealers to sell their NFTs for a fixed price, or at an auction.
Pianity, an NFT marketplace, allows fans and artists to trade, create and collect NFTs. They will also allow collectors to trade NFTs of music.
Like most NFT marketplaces, Pianity will allow artists to earn royalties every time their music is resold. Pianity’s secondary market was created in response to the growing demand for music NFTs.
Pianity’s Road to Success
Pianity is taking an innovative approach. The potential to identify emerging artists early on their platform will encourage adoption. Individuals will be able to support artists they feel passionate about and possibly make a profit in the future. Another aspect of the secondary music market is Artist Resale Right. Furthermore, artists will receive 80% of the earnings made on the first sale of their NFT and continue to receive 8% secondary royalties.
Pianity believes that the ARR resolves a major inequality that exists within the music industry. The inability to trace ownership and the fact that music files can be copied. In addition, artists don’t receive nearly as many royalties on traditional platforms as they feel they should.
Pianity is looking to disrupt the music NFT space and will compete with marketplaces like Airnfts and Sound.xyz. Pianity’s seed round of $6.5M raised this exciting new market. This funding will be used to expand their music catalogue, increase their employees, and open offices to help them reach the entire music industry.
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