NFTs, also known as crypto collectibles, are one-of-a-kind assets that use blockchain technology to establish scarcity and value on one-of-a-kind artworks, connecting the virtual and real worlds. In context, crypto arts have lately grown by 299 percent in 2020, with half of its whole historical worth created in March 2021 ($200M).
NFT or Non-fungible Tokens
Non-fungible Tokens are bits of data that are registered and validated on a digital ledger known as a blockchain and can be artworks, audio, movies, or games, among other things, confirming an asset’s validity through unique IDs. But what exactly is a blockchain? In a word, it is a digital ever-growing list of data records composed of multiple data blocks organized chronologically and linked and secured by cryptographic proofs.
Pianity is made for collectors and artist
There’s no doubt that Pianity’s Nature is designed to create value for artists and collectors. It will continue to release some great features while offering a wider range of options to its community of musicians and collectors. Profit-Sharing NFTs are a new reward-distribution system that encourages long-term collectors to continue collecting.
To reward collectors for their support of musicians, Pianity has been working on a reward-distribution mechanism. This implies that every collector on Pianity will get a weekly reward equal to the size of their NFT portfolio – paid in fiat and immediately added to their NFT balance.
The beta edition of Pianity, a fresh new NFT marketplace that acts as a digital art gallery featuring many music sectors, was made available to us a few months ago.
A new music NFT marketplace
Artisans and their audiences join Pianity to create, collect and exchange unique digital artworks. It is a social platform that encourages discovery and creativity, as collecting is intrinsically social.
We’re thrilled to be a part of Pianity’s weekly releases, which feature a variety of musical genres, including Minimal House, along with some of our dearest friends and producers, who will showcase some of their exclusive works in extremely limited editions.
Taking into account Pianity’s infancy, we spent a lot of time figuring out how to make this brand new aspect of music revenue relevant for both artists and collectors. We developed an evolving strategy and a special video clip, which Pianity amazingly allowed us to make exactly the way we wanted it to be.
NFT benefits to the music industry
By limiting live concerts, 2020 has turned the music industry on its head and taken away a key source of income for musicians. Because of this, artists have been seeking new methods to interact and develop with their audiences, which has led to the creation of NFT marketplaces, which provide numerous benefits to artists.
An essential element of crypto exchange, NFT transactions let users send money and receive content directly to their digital wallet. Aside from that, artists have complete control over the goods they wish to transform, as these tokens may be digital or physical, and can be used to tokenize everything from albums to records to digital art to studio sessions to merchandising to event tickets.
Collecting and trading their favorite producers’ creations is possible with NFTs thanks to the ability to own a piece (or a portion) of their reproduction on the blockchain. The ability to be open to newcomers has allowed NFTs to uncover a creative side that is pretty much exciting to understand and discover.