Beatport, a digital music portal for DJs and musicians, announced this week that it will begin accepting Bitcoin (BTC) as a payment method on the site. Beatport hosts and sells tracks for DJ use, and it returns a portion of the proceeds to the original artist.
The company announced that it will accept Bitcoin from June. Beatport president Robb McDaniels said the decision to certify BTC was the result of a desire to continue innovation even in the midst of the COVID-19 pandemic.
“When it benefits and strengthens the artist community, there is no reason to stop innovating. Despite it being an epidemic, the DJ / producer community is ready to lead the industry to implement new technology and innovative ways to interact with its fans,” McDaniels said, adding: “And the world of cryptocurrencies and tokens is not Revocable is a clear example of this fact. ”
On the same day, Beatport announced that it will release its non-financial token, or NFT, on Friday, in collaboration with Crypto.com, which is called Music for Dancefloors of the Future. The Crypto.com coin (CRO) is ranked 30th by market cap, with a current valuation of just over $ 5 billion. Crypto.com is a multi-use cryptocurrency project with a focus ranging from cryptocurrency payments to passive income and token. …
It is said that NFT audiovisual will include collaborations from a number of prominent musicians and artists. A portion of the proceeds will be donated to charity. McDaniels said the company is committed to capitalizing on future developments in blockchain technology.
“For Betport, this is just the beginning of an exploration beyond the verse, and we are committed to the long-term possibilities this revolutionary technology opens up,” he said.
The School of Music in Edinburgh, Scotland, recently announced that it will start accepting Bitcoin as a form of education. Undoubtedly, the pressure on companies to accept Bitcoin as a method of payment has been driven by massive price increases over the past year, despite increasing transaction fees at the same time.