Depending on the type of mic you have, acoustic instruments can sound good or bad when its sound is transmitted over the internet. If you are in a large room, there may be echo or reverberation, especially acoustic pianos.
If you have a digital or electric instrument, it would be best to transmit the sound via an audio interface connected to the laptop. An audio interface is an audio device, acting as a powerful sound card. It is commonly used as a home recording device.
Learn more about audio interface here:
(1) What is an audio interface and what do we do with it?
(2) What is an audio interface? What does it do?
If your laptop does not have enough inputs for microphone and earphone, you may consider getting a USB sound card so that you can plug in an external mic and an earphone to your computer.