SXSW 2022 points to NFTs as the next champion of the music industry

cointelegraph.com:

In the last decade, streaming platforms like Spotify, Soundcloud and Apple Music have completely transformed the music industry, allowing music to be streamed far and wide and accessible to all online. But for the artists, accessibility has posed a big issue when it comes to monetizing and owning the music they poured their hearts into. To put these values into perspective, 97% of artists on streaming platforms such as Spotify are currently earning less than $1,000 per year.

It is only now that the right technologies have emerged with the potential to return power to the artists. With a rise in digital assets known as nonfungible tokens (NFTs), artists are given a chance to fully own their content, directly connect with their fans and ultimately make a living from their music. Due to their significant potential, one of the largest music events of the year, SXSW, has made this topic one of the main takeaways.

At the latest event, one of the companies highlighted was Pianity, a music NFT marketplace. The project, which has made it their mission to shape the next iteration of the music industry, was hand-selected by the judges as finalists, where they were given a chance to give a three-minute presentation of their platform. Within the same event, Pianity was also an exhibitor in the Creative Industries Exhibition as part of the delegation of Business France at SXSW.

As a part of their pitch, Pianity shared that their marketplace aimed at becoming a place where music is treated as limited editions before being made available to fans. The model makes the comparison to an artist who paints a picture that is automatically deemed one-of-a-kind. For musicians, the same reality is only possible through NFTs and blockchain