Pianity has just announced its new secondary marketplace for music NFTs. The marketplace allows collectors to sell their NFTs at a fixed price or auction.
Pianity is an NFT marketplace that allows artists and fans to create, collect and trade NFTs. In addition, they now will offer collectors the ability to trade music NFTs.
Like most NFT marketplaces, Pianity will allow artists to earn royalties every time their music is resold. The growth in demand for music NFTs is what influenced the company’s decision to debut a secondary market.
Pianity’s Road to Success
Pianity is taking an innovative approach. On their new platform, the potential for users to spot emerging artists early will help incentivize adoption. Individuals will have a chance to support artists they believe in and potentially make a future profit.
Another aspect of the new secondary music market is the Artist Resale Right (ARR). Furthermore, artists will receive 80% of the earnings made on the first sale of their NFT and continue to receive 8% secondary royalties.
Pianity feels that the ARR addresses a major inequality that the music industry faces. The replicable nature of music files and the inability to identify ownership. 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. This exciting new market comes on the heels of Pianity’s $6.5M seed round. The funding will go towards expanding their music catalog, increasing employees, and opening offices to support their reach across the music industry.
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