Back in 2014 Hip Hop a was one of the first artists to accept Bitcoin as payment for his music, followed by Björk who saw the potential that Crypto offered the music industry as she partnered with AudioCoin, and began accepting both Bitcoin and AudioCoin from fans.Using Cryptocurrencies, it is possible to disintermediate banks, music-streaming giants, lawyers, and agents, so altering how consumers purchase music. While giving fans a more direct relationship with artists.
A recent report from Business Insider Intelligence outlined that a Blockchain based model could increase sales for artists by essentially turning their intellectual property (music) into a financial asset. Already major festivals around the world are using digital currency alternatives, removing the costs and potential theft challenges of handling cash. So how long before we see a Gagacoin or a SherinCoin, as musicians develop their very own currency and partnerships with major providers of Digital Assets? Having their own currency would not only cut out the middleman but could also lead to a closer more genuine engagement with fans.
