We all have witnessed the rise and spread of cryptocurrency with first Paypal accepting it as a mode of transaction, followed by the government of several countries including India accepting cryptocurrency transactions, and then on top of that EL Salvador becoming the first nation to allow Bitcoin as a legal tender of transaction. This all had happened in such a short span of time that people are wondering what’s next?
The next big news coming from the cryptocurrency world is that it has now reached the music industry with several artists, musicians, composers taking interest in it. Recently, an Indian rapper, music composer, and music producer Raftaar made to the headlines when he confirmed that for his upcoming show, he will be accepting his performance fee in cryptocurrency instead of actual currency.
However, due to the pandemic, the show will be a virtual one. The event is scheduled for the second week of July 2021 which is going to be a 60-minute show for a boutique. The performance will be hosted in Canada, Ottawa for a private gathering of 100 people.
Raftaar’s long-time business partner Ankit Khanna made this deal possible and encouraged Raftaar to deal in cryptocurrency as it is going to be the near future. However, the cryptocurrency that is going to be used for the payment is not yet revealed
Ankit Khanna in a recent interview states, “In my opinion, music will be one of the first industries to be completely and thoroughly disrupted through the blockchain. The artist can now go directly to the public in every single way without the need for middlemen. Blockchain has the potential to expedite a seamless experience for anyone involved with generating or interacting with music. I’m happy to welcome this new transactional paradigm with my long associate Raftaar who truly is a pioneering voice of this new generation.”
Raftaar further expands, “I’ve always been an ardent admirer of blockchain technology and I’ve always wondered why artists and managers alike haven’t explored the potentiality of this disruptive medium. Nevertheless, I’ve finally taken the baby steps in this direction.”
While most of the Indian artists are keeping their distance in dealing with cryptocurrency, Raftaar’s baby steps might bring some positive change in the mindset of such artists and revolutionize the payment system used by Indian artists. However, cryptocurrency and blockchain technology has been widely accepted by several global artists like 50 Cent, Mariah Carey, G-Eazy, Sia, and Fall Out Boy, the Backstreet Boys, and Lana Del Rey.
And the most interesting part is that the coins used for the transaction is not only limited to Bitcoin and Ethereum. Several other altcoins are in the race too. Monero, an altcoin, announces that 45 musicians and five online stores will be accepting their coin this holiday season and are offering discounts to those paying in the cryptocurrency.
The list of 45 musicians includes a wide range of artists, from Weezer to G-Eazy, from Slayer to the B-52s, from Dolly Parton to Morrissey.
Other big-name artists include Backstreet Boys, Kaskade, Lana Del Rey, Lumineers, Marilyn Manson, Motley Crue, and Sia.
Monero is currently the twenty-sixth largest cryptocurrency, with a market capitalization of $1.3 billion and a current price of $212.
“As cryptocurrencies become more popular, my fans must have choices when it comes to how they buy my songs and merchandise,” said rap star G-Eazy in a statement. “As Monero is one of the safest, most secure, and most private cryptocurrencies, it’s one of the best transactional options for my fans this holiday season."
This isn't the first time musicians have made waves by working with cryptocurrency. Earlier this year, Bjork, an Icelandic singer and songwriter announced each purchaser of her next album would receive 100 Audio Coins. GhostfaceKillah, an American rapper also backed an initial coin offering called Cream Capital.
With so many global musicians accepting and promoting cryptocurrency, it seems like cryptocurrency is here for long run and will be more commonly used in the near future.
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