Published on 11/19/2022 at 6:20.
The virtual certificate technology has seen an extraordinary growth in the past two years, but many thought that NFTs were for speculation. Nevertheless, the technology will be used to its full potential in music since it has just been recognized by SACEM (Society of Authors, Composers and Music Publishers).
A neo-nazi, a pledge on the internet: the offer of property rights on the net.
NFT, which includes speculation about virtual art, offers a wide range of opportunities in different sectors.
The NFT uses the blockchain, meaning it is the first of its kind. This NFT (non-fungible token) is, as it suggests, a token with which virtual object is associated. Generally paired with an image or a video, it can also be called text, music, or any other digital or physical format.
The recent technology sometimes makes a sense that it’s self-image in the web. This concept may surprise you, since it never existed on the Internet. That not only does NFTs cover the issue of copyright in certain sectors, but also with the exception of music.
SACEM recognizes the value of NFTs.
In this sense, SACEM was studying the matter. Indeed, the Society of Writers, Composers and Music Publishers announced that its partnership was negotiated on November 15th, when Pianity became involved. The French firm is a music market where artists earn remuneration from their copyright through the sale of their music in the form of NFTs.
This innovation makes it possible, i.e., to offer artists and consumers a commercial alternative to traditional streaming platforms like Spotify, Apple Music or Deezer ink. As a result of NFTs, the principle is to reduce the amount of visitors who live in a relationship. One should pay attention to the music authors because the decentralization of the process reflects the cost of the platforms a major argument for the smallest artists.
We created Pianity to help artists pay fair salaries and make their living from their music. I know what the legal framework is in. With this partnership, we’re making a huge leap towards the establishment of a virtuous ecosystem where the value creation is redistributed directly to rights holders, whether they are authors, composers or publishers.
For Sacem, this collaboration symbolises a turning point in the music consumption for the coming years. The organization insists primarily on the ability of NFTs to solve the problems that plague the digital universe.