Beatport, a digital music portal for DJs and musicians, announced this week that it would start accepting Bitcoin (BTC) as a form of payment on its website. Beatport hosts and sells music tracks for use by DJs, with a portion of the proceeds returned to the original artist.
The company announced that it would accept Bitcoin as a payment method starting June. Beatport CEO Robb McDaniels said the decision to accept Bitcoin was born of a desire to keep innovating even during the COVID-19 pandemic.
“If it benefits and strengthens the artist community, there is no reason to stop innovating. Clearly, even in the midst of a pandemic, the DJ / Producer community is willing to lead the industry to embrace new technology and innovative media to engage with their fans, “McDaniels said, adding” and the world cryptocurrencies and non-replaceable tokens are a clear example of this. “
Beatport announced on the same day that it would launch its own intangible token series entitled “Music for Future Dance Floors” on April 23rd in partnership with Crypto.com. Ranked 30th by market cap, with a current valuation of just over $ 5 billion, Crypto.com is a multi-faceted cryptocurrency project with focal points ranging from in-store cryptocurrency payments to passive income withdrawal and tokenization.
The audiovisual NFT will reportedly feature the collaboration of a number of prominent musicians and artists. Part of the proceeds will be donated to charity. McDaniels said the company was determined to reap the benefits that future advancements in blockchain technology would bring.
“For Beatport, this is just the beginning of our exploration of the metaverse and we are committed to the long-term opportunities that this revolutionary technology predicts,” he said.
Recently, a music school in Edinburgh, Scotland announced that it would start accepting Bitcoin as a form of tuition. Businesses’ rush to accept Bitcoin as a payment method has no doubt been accelerated by the spectacular price increases over the past year – despite the fact that transaction costs have risen hand in hand.