News JVTech NFTs finally gain recognition for asserting property rights
Published on 11/19/2022 at 6:20 p.m.
While virtual certificate technology has seen quite a dramatic rise in the past 2 years, many believed that NFTs were only for speculation. Nevertheless, now 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).
NFTs: pledge of property rights on the web
In addition to speculation around virtual art, NFT technology offers various possibilities in several sectors.
As a reminder, an NFT uses the blockchain (network behind cryptocurrencies) to register a certificate of ownership in a large virtual register. This NFT (non-fungible token) is, as its name suggests, a token with which a virtual object is associated. Generally associated with an image or video, it can also take the form of text, music or any other digital or physical format.
This recent technology somehow brings a notion of ownership to the web. This concept may come as a surprise since it has never been on the Internet. Nevertheless, it is clear that NFTs could partially respond to the problem of respecting copyright in certain sectors such as art or music.
SACEM recognizes the value of NFTs
It is in this sense that SACEM has looked into the subject. Indeed, the Society of Authors, Composers and Music Publishers announced on November 15 its partnership with Pianity. The French start-up is a music marketplace on which artists can earn remuneration as part of their copyright through the sale of their music in the form of NFTs.
This innovation makes it possible in particular to offer artists and consumers a commercial alternative to traditional streaming platforms such as Spotify, Apple Music or Deezer ink. With NFTs, the principle is to reduce the intermediaries between the artist and his audience. Thus, the author of the music receives greater remuneration since the decentralization of the process limits the costs linked to the platforms – a major argument for the smallest artists.
“We created Pianity with the desire to offer artists fair remuneration and enable them to make a living from their music. It is a great pride for us to develop alongside Sacem the legal framework for a format as recent as NFT. With this partnership, we are taking a big step towards the establishment of a virtuous ecosystem where the creation of value is redistributed directly to rights holders, whether they are authors, composers or publishers” explains Kevin Primicerio Co-founder and CEO Pianity .
For Sacem, this collaboration symbolizes a turning point in the consumption of music for the coming years. The organization insists in particular on the ability of NFTs to be able to resolve “the problems related to remuneration which persist in the digital universe”.