How Cryptocurrencies Can Help Musicians
Digital currency trading, cryptocurrency trading or crypto trading signals merely means the exchange or the buying and selling of cryptocurrencies or digital currencies like Bitcoin, Litecoin, and Ethereum for legal tenders like Euro and USD or the other way around. In 2009, Bitcoins were created and is now one of the most popular digital currency today. In fact, Japan is the first country to acknowledge Bitcoins as a legal tender. Therefore, you can shop or purchase things using your Bitcoins in Japan. Moreover, many online and offline retail stores today also accept Bitcoins as an alternative to cash payments.
This new financial technology is likewise altering the music industry. 50 Cent, a rapper, and hip-hop icon was the very first music artist to accept payments in the form of cryptocurrency. He is also the first to generate a fortune with this digital currency. How? The hip-hop star received Bitcoin for his 2014 music album, Animal Ambition. This transformed his $400,000 album sales to a massive $7.7 M in Bitcoin currency today.
Icelandic songwriter, singer, record producer, DJ, and actress Björk partnered with AudioCoin and as a way fo promoting her own music. She’s the first artist to recognize and bring to fruition the possibility of entering the crypto-music space. She also welcomes cryptocurrencies particularly AudioCoin and Bitcoin as payment from her fans for buying her 10th album entitled Utopia. Fans or buyers who bought her album through the music-exclusive digital currency were even endowed with 100 AudioCoins. Evidently, for music artists, the availability of diverse types of digital currencies or cryptocurrencies implies a very big change in the music industry.
Cryptocurrencies are regulated by mathematical algorithms and hinge on operational systems that are self-governing and self-regulating. This means that it does not involve or is not controlled by the government, unlike regular legal tenders. Given this fact, huge music –streaming companies, banks, lawyers, and other companies or individuals included in the process or way of how patrons pay for the musician’s songs or album are disregarded. Furthermore, aside from having the chance to control the music label’s influence from their revenues, this also offers a legal preference for artists to have absolute sovereignty over their income.
Blockchain & The Music Industry: A Nest hq documentary