Online digital music retailer Beatport accepts Bitcoin for songs
Beatport, a digital music portal for DJs and musicians, announced this week that it would accept bitcoin (BTC) as a payment method on its site. Beatport hosts and sells music tracks for use by DJs and gives a portion of the proceeds to the original artist.
The company announced that it would begin accepting bitcoin as a form of payment in June. Beatport CEO Robb McDaniels said the decision to adopt bitcoin stemmed from a desire to keep innovating, even in the face of the COVID-19 pandemic.
If it benefits and strengthens the creative community, there is no reason to stop innovating. It’s clear that even in the midst of a pandemic, the DJ/producer community is poised to lead the industry by embracing new technologies and innovative ways to communicate with their fans, McDaniels said, adding: And the world of cryptocurrencies and non-interruptible tokens is a perfect example.
Beatport announced on the same day that the launch would take place on the 23rd. April to launch its own line of non-fungible tokens called Music for Future Dance Floors in partnership with Crypto.com. Crypto.com is the 30th largest market cap with a current valuation of just over $5 billion. This is a multi-faceted cryptocurrency project focused on in-store cryptocurrency payments, passive income and tokenization.
The audiovisual NFT would collaborate with a number of well-known musicians and artists. Part of the proceeds will be donated to charity. McDaniels said the company wants to take advantage of future developments in blockchain technology.
For Beatport, this is just the beginning of our exploration of the metaverse, and we are committed to seizing the long-term opportunities presented by this disruptive technology, he said.
A music school in Edinburgh, Scotland, recently announced that it would accept bitcoin as a form of education. The rush by businesses to use bitcoin as a payment method has arguably been undermined by the impressive price increases over the past year – even as transaction costs have skyrocketed.
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