Pianity: Ranking Music NFT in the Web3 Era｜Project Introduction

Written by: 0x13, Rhythm BlockBeats

The emergence of NFT has allowed many digital art works that were often copied and disseminated at will to have the right to be collected, Beeple , Fewocious and other digital artists have also changed their lives by selling NFT income. Nowadays, we often see NFT artworks in the format of pictures, videos, 3D models, etc., and another form of "digital art" should not be ignored, that is music.

The music field is an extremely polarized industry. According to the statistics of the "2020 Chinese Musician Report", the annual copyright income of top famous musicians such as Jay Chou is as high as At the same time, there are still more than 50% of musicians whose monthly income is less than 5,000 yuan. In the current environment, most musicians cannot make a living from their music works.

With the development of music digitalization, more and more musicians choose to settle on the platform, and the open and secret struggle between the platforms is also bit by bit squeezing the musicians Not much income. Even the famous musician Chen Huanren, who has created classic songs such as "Hong Kong Land" and "War", and has collaborated with Coco Lee, Eason Chan and others, can't help but bluntly said: "In the era when free platforms depreciated the value of music, musicians of my generation and I Life is hard. The next generation of musicians will definitely work harder than us.”

Although platforms such as OpenSea and Rarible currently support the casting and sales of music NFTs, it is undeniable that only one audio file is in the flourishing NFT market It is difficult to attract people's attention. Not every musician has the ability to make images or videos. Music NFT needs an exclusive trading platform.

Introduction to Pianity

Pianity is an emerging music NFT trading platform. At present, many people still think that the vitality of music lies in the spread, so it is not suitable for collection. In fact, the spread and collection of music It is not contradictory. On the homepage of Pianity, it says "Everyone can listen to music. Only one can own it." Streaming platforms spread to more listeners for free, and there will also be people willing to collect limited-edition vinyl records. Music NFT is a "digital version of vinyl record".

< p>Same as other NFT trading platforms, Pianity also provides sales methods such as work display functions, pricing and auctions. At the same time, it will also review music NFT works and issue PIA tokens. In terms of basic functions, Pianity is not much different from other NFT trading platforms, but in terms of various "advanced functions", Pianity is different.

First of all, unlike our common NFT trading platforms, Pianity did not choose ETH with the most users, but chose Arweave. As we all know, storing data on the blockchain is very expensive, so many NFTs are stored on the chain with only one "hyperlink", while data such as pictures, videos, music, etc. are not protected by the blockchain and can be tampered with or even delete. On the other hand, Pianity stores all data and media files in Arweave, so as to ensure that NFT will exist permanently and will not be tampered with or deleted.

Secondly, the Pianity platform also launched a "transaction mining" mechanism. When it comes to "transaction mining" and "NFT trading platform", the first thing most people think of is Rarible, and the function of its token RARI other than governance is to subsidize traders' handling fees. Although it is also a "transaction mining" model, the logic of Pianity is quite different from that of Rarible.

It is also to "encourage transactions", what Pianity chooses is not "subsidy handling fees", but "risk-taking compensation".

When investing in NFT, we often need to take two types of risks, one is value risk, and the other is liquidity risk. Value risk means that the price of NFT may rise or fall; liquidity risk means that NFT has poor liquidity, which is equivalent to locking up your liquidity, and usually the only way to recover liquidity is to sell it. And these reasons will prevent some collectors from holding a certain NFT for a long time or buying NFT frequently.

To solve this problem, Pianity issued token PIA. Pianity distributes token subsidies to collectors on the platform every week. The subsidy will be automatically distributed to the user's wallet every Thursday, and the number of tokens awarded depends on the total value of the collector's NFT portfolio, the total value of NFTs circulating on Pianity, and the total amount of tokens issued each week. The specific calculation method is the ratio of the total value of the collector's NFT portfolio to the total value of NFTs circulating on Pianity multiplied by the total amount of tokens issued each week. In this way, collectors can obtain compensation for the risks brought about by their own collection behavior, making collectors more willing to collect.

At present, PIA has not yet carried out IC0 and cannot be traded. The only way to obtain it is "trade mining". At present, each token is priced at 0.1 US dollars. Trading is expected to open by the end of the year.

Reviewing the development of Rarible, at the beginning, due to the lack of practical value of RARI, the price of the token in the early stage fell all the way. As a "subsidy", how to maintain the value of the token has become a crucial question. For this question, Pianity handed over a good answer.

NFT platforms are often faced with the dilemma of ensuring the quality of works and maintaining decentralization. Ensuring the quality of works means that the platform needs to pay more labor costs, and the small number of works on the platform will also affect the transaction volume of the platform; while maintaining decentralization will lead to uneven quality of works and even theft and plagiarism.

Pianity delegates the review power to the community through PIA, which not only ensures decentralization but also the quality of platform works.

When an artist wants to sell their own music NFT works on the Pianity platform, the work will be included in the waiting list (Waitlist) after the submission is completed. Participants need to vote on these works, and the top-ranked music every day will be approved to be minted as NFT, and the release date will be determined by the artist and the platform. And PIA holders can not only vote for it, but also vote against it, and the work that ranks last every day will be eliminated.

< p>The PIA holders who participate in the voting will also be rewarded, and the users who vote for the first place every day and those who vote against the bottom one will receive PIA rewards in proportion.

Fans of musicians can get PIA after collecting NFT, and then use PIA to vote for the musician's subsequent works so that they can be sold on the shelves. Musicians have the opportunity To get more income, fans can collect more works of this musician on the basis of getting incentives.

In the Web2 era, fans who make charts often can only pay but cannot get rewards. The idea of Web3 is integrated into the charting model, so that fans are no longer just "giver", and can also get rewards when supporting their favorite musicians. This model is healthier and more sustainable.

Nowadays, NFT is becoming more and more popular. The creators open the door, and every content creator will be able to issue their own NFT and join the wave of the times.

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