Cryptocurrency advances to find integration across artistic means, from painters to digital artists to musicians. Music remains to be a field that is ripe for revitalization from a business standpoint.
Cryptocurrency paycheck and NFT’s starting to be the norm. Thus, various artists have been releasing songs and albums as NFTs. There will be the first official record label company planning to jump into the crypto and NFT bandwagon.
Twofold Approach
In a press release announced to start this week, Legacy Records CEO Keishia McLeod stated it went down to “either get involved or get left behind.” McLeod mentioned unique income stream possibilities for artists and closed by saying that “this is the future, not a trend.” McLeod has previously announced her plan to push the label to be in the lead of utilizing emerging technology in music.
Two notable buckets are contributing to Legacy’s approach. The first is the most impressive, as the label will become the first to offer artists a chance to earn their advance and royalty payments in crypto. The second is to involve artists with NFTs, allowing fans to participate in auctions for unique content. The recording firm’s plans on NFTs and how artists will get paid have not yet been disclosed.
Legacy Music’s Wider Industry Progress
Legacy Records is looking into getting the benefit of the prospective press buzz from the advertisement. The firm announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The firm also integrated with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’ to present legal counsel on the digital process.
McLeod has earlier noted that the label has desired to be a mainstay in transforming how music artists do industry. In a January press conference with the LA Tribune, McLeod mentioned Netflix’s effect on the film industry, stating also that,
“We haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.
Music Artists Emerging Into Crypto
Legacy’s roll has the capability to meet an expanding roster of music artists that remain to adapt with cryptocurrency and NFTs. Recently, we posted an article about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live immediately had a sketch describing the digital collectibles parodying Eminem’s “Without Me.”
Other artists engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
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