Cryptocurrencies, bitcoin in particular, have become frequently talked about topics in recent months. With all the benefits touted, it’s not surprising how many are drawn to it. Businesses have started accepting cryptocurrency as a payment option. Musicians, apparently, may be considering the idea.
Among musicians, rapper 50 Cent or Curtis Jackson is notably the first to have adopted bitcoins. In 2014, he accepted bitcoin as payment for the sale of Animal Ambition, his fifth album. He accumulated approximately 700 bitcoins for the sale, which he did not touch. At that time, bitcoin price was only around GBP 465. His sales then were just around GBP 326,000, which is not really bad.
50 Cent’s early adopter attitude was fortunate as he unexpectedly became millions richer with his 700 bitcoins fetching a price nearing GBP 14,000. At bitcoin’s peak in 2017, his 700 bitcoins translated to nearly GBP 10 million. At the time this article was written, 700 bitcoins was equivalent to around GBP 3.3 million. It’s still way higher than the value (GBP 326,000) it had around 4 years ago.
50 Cent filed for Chapter 11 bankruptcy in 2015 but that’s beside the point. That does not take away the fact that he made money with the rise of bitcoin price. He reportedly left his 700 BTC balance untouched even in the middle of paying his obligations in relation to the bankruptcy filing. This turned out to be an excellent decision as he did not discard his bitcoins when the price was still lower. In one interview he asserted that he will continue to support bitcoin and cryptocurrency in general.
Eccentric Icelandic pop singer Bjork, according to a Musically report late last year, announced that she was accepting cryptocurrencies as payment for her latest album “Utopia” (release date: November 24, 2017). The cryptocurrencies accepted are bitcoin, litecoin, dashcoin, and audiocoin.
Bjork partnered with British blockchain startup Blockpool to handle the technical aspects of the decision to accept cryptocurrency payments. Fans who pre-ordered the album directly from Bjork’s site or her label’s site were offered a reward of 100 audiocoins. If you are unfamiliar with audiocoin, it is a cryptocurrency specifically created for the music industry. At the time this post was written, audiocoin had an equivalent value of GBP 0.001625 and BTC 0.00000034 based on the exchange rates on CoinGecko.
Mariah Carey, Sia, and More for Monero
Two names that remain relevant in contemporary pop music are Mariah Carey and Sia—and their camps have been reported that they were going to accept the cryptocurrency Monero as payment for the holidays. GetMonero.org announced a list of 45 musicians and 5 online stores that agreed to accept the cryptocurrency albeit for a limited time.
The list GetMonero.org released include big names in the music industry such as Marilyn Manson, Motley Crue, Lana Del Rey, Backstreet Boys, Kaskade, The Lumineers, Bush, Dolly Parton, Fall Out Boy, Mastodon, Morrissey, Panic at the Disco, Scorpions, Train, Wheezer, and Toby Keith.
Monero is considered the 9th largest cryptocurrency at present with a market capitalization of GBP 1,877,382,798 and a price of GBP 117.97 at the time this post was written.
The decision of the aforementioned stars and stores to accept Monero is part of the initiative referred to as Project Coral Reef. It was founded by serial entrepreneur Naveen Jain to promote awareness on Monero.
Will Other Musicians Follow Suit?
It’s difficult to guess if other musicians will be enticed to join the bandwagon anytime soon. Bitcoin and most other cryptocurrencies, after all, are experiencing a bearish outlook. The excitement on bitcoin and other cryptocurrencies has waned after the prices exhibited continuous drops and fleeting recovery. Their management teams may have to go over articles in websites like Crypto.Review and advice from experts first before making a decision. If they decide to accept bitcoins or cryptocurrency when the prevailing trend in the prices is heading downwards, they may end up losing. However, there’s also that possibility that cryptocurrency prices may rise again.
Still, it’s not going to be a bad idea for musicians to decide to accept cryptocurrency as payment. It would be a gamble but it can yield surprisingly great rewards in the future. For those who want to avoid losses due to exchange rate fluctuations, there’s always the option to immediately convert the payments to fiat currency or to put a mark up to compensate for the possible exchange rate drops.
Also read: Top 10 Places Every Musical Artist Must Go to in Their Lifetime