the platform that offers musicians to sell their songs… on NFT

After tapes, CDs, downloads and streaming, we will move into the age of NFT (non-fungible token, certificates of ownership registered in a network of computers called blockchain)? In any case, this is the ambition of the French startup Pianite.

While streaming now largely dominates the music industry, it is often criticized by musicians and accused of making the music artist profession more precarious. The Civil Society for the Administration of the Rights of Performing Artists and Musicians (Adami) estimated in 2021 that in France, with a streaming subscription of 9.99 euros per month, an artist who is not his producer receives only 0.46 euros when intermediaries (producers, record labels, streaming platforms) receive 6.45 euros.

A serious shortage for artists led Simon de Kinkel, a young electronic music producer to create an alternative to streaming to allow musicians to earn money. The entrepreneur has created, with Kevin Primiciero and Lancelot Owczarczak, two former students of coding school 42, a sales platform for NFT musical.

Sorority of Music

so Pianite saw the light of day, with an official launch last July. This platform was inspired by the idea of ​​the digital football card sales site “Sorare” to adapt it to the world of music. On this site, an artist can create a NFT and back it up with a piece of music that can then be purchased by fans of the artist. If the latter decides to publish his part only in the form of NFTonly fans who have these digital certificates will be able to hear it.

Like Sorare, fans can buy NFTs in Euros with a credit card and then keep them on the site or they can buy them in cryptocurrencies and then send them to their crypto wallet. [un support permettant de garder des cryptos et des NFT sans dépendre d’une plateforme] ”, explains Kevin Primiciero, co-founder of Pianite. If this medium has already come to the forefront of the media when it was used by Booba in November 2021, it remains very marginal in the world of music. Pianite therefore there are ambitions to democratize it. To do this, the platform has chosen to register NFT of its artists in blockchain Arweave » « because it allows storing data like songs, which would be too expensive on a more popular blockchain like Ethereum “, the co-founder reasons. This blockchain will also be used by Instagram to store its digital images.

Attractive compensation for artists

Through the platform Pianiteartists recover 80% of their sale price NFT (the remaining 20% ​​goes to the platform) and even receive royalties (8% of the price) when their buyers resell NFT in the secondary market. This principle called right of resale allowed thanks to the possibility of tracking NFT. Therefore, this method of selling and these remuneration rates are beneficial for some artists. ” I sold NFTs for 100 euros but also some for 1000 euros and, for me who makes electronic music, which is not very popular on streaming platforms, NFTs bring me more money than streaming says David Duriez, artist and founder of the label Brique Rouge.

A means of storing and distributing music that justifies its price by the fact that it can bring more than just a right to listen to a piece to buyers. ” Artists who will release NFTs can tie exclusive content to them, ranging from vinyl that will be sent to the buyer to VIP concert tickets or access to an artist recording session in the studio. “, the chief presents Pianite.

As of November 15, the startup has even entered into a partnership with the Society of Authors, Composers and Music Publishers (Sacem) to develop with it a legal framework surrounding this still new technology. ” This partnership is a further illustration of its desire to collaborate with Music Tech players in order to develop new ways to bring music to life in the digital world, the organization declares in a press release which estimates that NFTs are now a nascent market, but everything indicates that their use will increase in the near future. »

NFT’s long journey to revolutionize the music industry.

the concept of Pianite soon appealed to artists and fans. For now, the platform is currently counting 25,000 sales of NFT from more than 1000 artists registered on the platform for a total of 2 million euros of sales in a few months. A good start, but which remains a long way from the turnover of 861 million euros generated by the French music industry in 2021 according to the National Union of Phonographic Publications (Snep).

So Pianite revolutionizes the music industry and revamps artist reward cards, it is still necessary that NFT democratize. Due to the difficulty of using technologies blockchain and scandals dotting the crypto ecosystem, only 5 million French (8%) hold cryptocurrencies and less than a million French (1%) NFT according to a study by the Association for the Development of Digital Assets (Adan) and KPMG published in February 2022.

A drop of water compared to the 14 million French subscribers of a paid streaming offer rated by Snap. A balance of power that is not a problem, according to artist David Duriez who believes that ” NFTs are complementary to streaming platforms. To me, these tokens will become a medium for digital collections as vinyl does for physical collections.. So, see you in a few years to find out if NFT will follow the excellent vinyl course.