The Music Industry Flirts With Crypto and Reaps the Benefits

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The Music Industry Flirts With Crypto and Reaps the Benefits

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Recently, blockchain tech and cryptocurrencies have used their burgeoning popularity to pull in stars from the world of sport, not wanting to miss out on the next big thing on the block. However, musicians are some of the newbies on the front line of the new tech. Some have made more impact than others though.

Better known from his time with band Genesis, Peter Gabriel is an example of one who has no intention of dabbling. Gabriel is an ardent fundraiser for humanitarian causes and a supporter of the British Labour Party to which he has made significant donations.

His investment in the startup, Provenance, was undisclosed but clearly, it’s now contributing towards the company’s expansion of its product. Through Provenance, Gabriel’s money helps provide transparency to food transportation, basically giving the public a better idea of exactly where their food comes from and how it gets there. The Provenance blockchain-based application is predicted to be used in over 1,000 food businesses by 2025.

The ex-Genesis singer and drummer can now add his name to the list with other prominent personalities promoting ICOs over social media in the past year, such as Paris Hilton, Floyd Mayweather, and Katy Perry.

Islandic enigmatic singer Bjork wants her music out there and be purchased with crypto, to which end she hooked up last year with London based Blockpool, allowing her fans to exchange Litecoin, Dashcoin, and AudioCoin for her 2017 album Utopia.

Singer Imogen Heap commented that cryptocurrency has helped her in her recent projects too, particularly with her release of the song Tiny Human on the Ethereum blockchain in 2015, allowing people to download the song in exchange for Ether:

“People paid USD 1, or 1 ETH, which was equal to USD 1 at the time,” she said. “That was USD 200. I didn’t think anything of it and then, of course, it went massively up and I took a bit out and put it into the project, and then it went massively down. It went up to GBP 200,000.”

Senegalese singer AKON with his cryptocurrency Akoin also made the headlines amid plans to build a crypto city, but others from the music industry are getting involved in the blockchain, such as Kanye West.

Never to be outdone, rapper Kanye West tweeted happily earlier this year about blockchain and his version of a digital music service Spotify called Yeezy Sound, aimed to be a decentralized application that would incorporate cryptocurrency. That plan clearly is still in the pipeline, although the trademark applications are in.

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