Legacy Records becomes the first Record Company to pay its artists with bitcoin
Legacy Records has carried the crypto world into the music industry. It has become the first recognized record label to pay its artists with Bitcoin. Legacy took place on 17-May-21. Later by bringing non-fungible tokens (NFTs) into the show.
NFTs are parts of data that are kept on a digital ledger named a blockchain. Unlike cryptocurrency, NFTs are not commonly interchangeable. The label plans to, along with its artists, issue NFTs tied to extra perks for investors, amongst other things yet to issue. Utilizing NFTs will change the power building and profitability of the music industry. Now the transactions using NFTs permit audiences to contribute in auctions for unique content from the artists they love.
Keishia McLeod, CEO of Legacy Records, clarified in a current interview:
"I see 2 choices here, either get involved or get left behind. What we're working on will allow many other income streams for artists for real wealth. I love seeing the way those, in and out of the industry, are creatively incorporating the use of NFT's. I mean, it's no secret NFT's alone have earned millions for artists already: but as for cryptocurrency and its potential as a whole, we knew this day would come and we've been preparing to take it a step further. I don't think any business can afford to remain complacent in regards to the future. It's a really exciting time for us [the world] right now. This is the future, not a trend."
Presently, these tokens and the transactions that comprise
them authorize the artists who sell them. Just as keen, a major music
distributor, has jumped on board with Legacy Records and is just as prepared to
pay out artists in Bitcoin.
Legacy is in the crypto universe for the long run. The growth of cryptocurrency has this pioneering label taking names on the daily and shifting the industry as it's been known. Legacy will forever be familiar as the first record label to pay out in Bitcoin. Along with their standard of brilliance is not to be reckoned with.
CBW - External Analyst