Legacy Records, a music label with artists like Beyonce, Billy Joel, A$AP Rocky and plenty of extra, have began to permit its artists to be paid in Bitcoin, a press release has revealed.
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Legacy, a label beneath Sony Music Entertainment, will change into the primary recognized document label within the business to pay its artists in Bitcoin. Legacy will can also be looking for to utilize NFTs for listeners of its artists as one other type of income.
According to the press launch, Legacy will “launch NFTs tied to further perks for buyers, amongst different issues but to launch. Utilizing NFTs will change the ability construction and profitability of the music business. Long story brief, Legacy plans to evolve the business as we all know it.”
Keishia McLeod, the CEO of Legacy Records, stated that the label can both get with the pattern of cryptocurrency or get left behind.
“I see 2 selections right here, both get entangled or get left behind. What we’re engaged on will permit many different revenue streams for artists for actual wealth. I really like seeing the best way these, out and in of the business, are creatively incorporating the usage of NFT’s,” stated Mcleod. “I imply, it is no secret NFT’s alone have earned hundreds of thousands for artists already: however as for cryptocurrency and it is potential as an entire, we knew at the present time would come and we have been making ready to take it a step additional. I do not suppose any enterprise can afford to stay complacent regarding the future. It’s a very thrilling time for us [the world] proper now. This is the longer term, not a pattern.”
Entertainment lawyer Navarro W. Gray, the founding father of The Gray Firm, has teamed up with Legacy Records. Gray famous that this can be a historic second for the music business.
“Legacy Records is the primary label in historical past that gives their artists the chance to obtain their advance and royalty funds in cryptocurrency. There has not been such a change within the music business like this since digital distribution and streaming.”