NFT marketplace Public Pressure’s founder and CEO, Sergio Mottola, met with CryptoSlate’s Akiba to talk about the today and tomorrow of music NFTs.
What do NFTs offer?
Moving forward, Akiba asked Mottola to talk more about what NFTs offer to the music industry and the artists.
Public Pressure is looking to elevate the NFT technology to migrate the music industry into Web3. The main goal here is to provide full transparency and fair revenue share.
“If we’re talking about complete transparency, this transaction is going to work. Everyone in the crypto space will say that’s the perfect way to use NFTs.”
“The real game changer is the relationship with the fan base,” Mottola answered, adding that NFTs create a tool that allows artists to own their fan community.
“Currently, they [the artists] don’t own the community because every tool they use to communicate with their fan base, like Instagram and Facebook, is centralized.”
Mottola added that Public Pressure’s primary goal is to innovate to strengthen the relationship between the fan base and the artists.
Mottola defines Public Pressure as a “web3 media company sitting on top of an NFT marketplace dedicated to the music industry.”
Public Pressure includes two marketplaces, primary and secondary. The primary marketplace is “a place where you can drop your NFT collection,” Mottola says and adds, “then we have a secondary market for secondary exchanges as well. ”
According to Mottola, the Public Pressure marketplace was also designed to guarantee that the artists receive a certain percentage of the sum every time the NFT changes hands.
Future of NFT music
Public Pressure aims to become the number one music media company running on the Polkadot (DOT) ecosystem in the long term. For short-term goals, Mottola said, the company is looking into IP and rights since there is “a lot of work to be done there.”
Mottola said his thoughts on whether the NFT technology will replace record labels are “not take over, but more like a merge.” He noted that simply creating an iTunes for Web3 will not work.
“We designed the platform to allow the labels to exist as an actor along with the artist. There was a lot of creative work that was done by the labels. If you’re good at producing, marketing, and distributing, I don’t think you can be destroyed by a piece of technology that allows artists to run their own label.”
“Killing businesses don’t provide growth,” Mottola said while finalizing his words, “it is about increasing the relationship with the artist and the fan base.”