Over 40 artists have signed-on to support rising cryptocurrency, Monero.
In an attempt to promote blockchain technology in the music industry, fans can now purchase Björk’s latest album, Utopia, with cryptocurrency. In fact, fans who buy the album will receive 100 free AudioCoins. (Of course, 100 AudioCoins are only worth 25 cents.)
Three months ago, blockchain startup Blokur secured $1.2 million in funding to tackle the music industry’s widespread database and payout problems.
Even Spotify has made a strong push into blockchain technology. To avoid massive metadata problems plaguing the company, the Swedish music platform purchased Mediachain Labs.
In addition, 50 Cent is actively promoting his own cryptocurrency. So, what’s next for the music industry?
Say hello to Monero.
Earlier today, more than 40 artists have announced that they will now accept cryptocurrency, Monero. The project, dubbed “Project Coral Reef,” will allow fans to purchase discounted merchandise and music from top artists, including Mariah Carey, Slayer, Weezer, G-Eazy, Sia, and Fallout Boy, among others.
Launched in 2014, open-source cryptocurrency Monero offers users privacy, security, and decentralization. To lower the risks of revealing sensitive transaction information, Monero uses nodes that connect to each other via anonymous peer-to-peer network, I2P. Users can also check out development decisions on the cryptocurrency’s website. In addition, developers claim that Monero is safe from capital controls, “measures that restrict the flow of traditional currencies.”
Speaking on the importance of cryptocurrencies in the music industry today, rapper G-Eazy said in a statement,
“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise. Given Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season — and just in time for my new album.”
Manhead Merchandise and Global Merchandise have backed the initiative. Both companies will provide merchandising services. Payment processing service GloBee will help with processing cryptocurrency payments.
Rising in cryptocurrency investment markets.
Monero (XMR) shares have skyrocketed following today’s announcement. In the past 24 hours, shares have jumped 25.2% to $249.58, a record high for the cryptocurrency. XMR closed at $210.24.
This year alone, the currency has grown 1,686.54%. On January 1st, it traded at $13.97. In the short-term, Coindesk.com expects the cryptocurrency to “test $265–$270 levels in.”
Speaking on Monero’s meteoric rise, GloBee founder and CEO Riccardo Spagni said,
“Cryptocurrencies are fast becoming more popular to make purchases, but not all currencies are created equal and not all are as private and secure as people think. Project Coral Reef is a very important step towards the mainstream adoption of Monero.”
Featured image by MichaelWuensch (CC0)