Bitcoin Payment Capabilities Introduced by the World’s Largest Online Music Library

Beatport is an online music library dedicated exclusively to the DJs and is considered the largest collection of music available online. The Disk Jockeys worldwide took to this platform to buy music that could be used in their public performances. The platform gained a lot of popularity among music professionals since its conception in 2003. 

It should be noted that the biggest music record labels have worked with this platform to save them from piracy and copyright violations and generate revenue from their work. Now the digital music library has announced to the music community that it would start accepting Bitcoin as a mode of payment. 

Thus far, Bitcoin utility can be seen increasing day after day. The ability to purchase music with the digital asset would further cement the position of the cryptocurrency as a mainstream currency. It should be noted that in 2019, Beatport launched a mass music streaming service for individual music lovers called Beatport LINK. Robb McDaniels, CEO of Beatport, says that this move is an evolution for the music industry.

He believes that the music industry has not bowed down to the pressure of the ongoing pandemic and still making progress by embracing the latest technology like blockchains and NFTs. Beatport has signed a partnership contract with Crypto.com to make the transition possible. McDaniels also said that the platform’s crypto transition is only getting started because there are bigger and better enterprise projects planned with Crypto.com.

Music Industry Formally Accepting NFTs as the Next Platinum Record Label

The Bitcoin payments are not the only plan that Beatport is getting into this year. The company is also in the process of releasing an NFT collection in collaboration with Crypto.com. The collection is titled Music for Future Dance Floors. The participants of this collection include the likes of famed DJs, such as Boys Noize, Sasha, Charlotte De Witte, and Pan-Pot. 

According to McDaniels, Beatport is on its way to set a precedent for other music giants to start introducing crypto capabilities. The NFT collection consists of 10 tracks and packaged with the bonus materials that are resources for remixes. Each track is currently valued at $303 each. Joe Conyers III, EVP global head of NFTs, says that the crypto transition is aligned with the ethos of the company to empower musicians and aspiring artists.