In accordance with the internet’s ongoing demand for everything cryptocurrency, Beatport has announced they will begin accepting Bitcoin as a form of payment for their online music download service from June 2021. Let’s take a shallow dive into what this means.
What’s crypto again?
Cryptocurrency is a form of digital payment beyond the borders of traditional “fiat” currency. When you buy and download a track online, you probably use PayPal or a similar service. These services are tied to your bank account, which uses your identity as a form of security. Cryptocurrency like Bitcoin uses decentralized information storage to achieve similar levels of security, with the benefit being greater ease of transaction. Basically, Bitcoin makes online transfers much easier and cheaper than traditional banking.
What’s an NFT?
Producers especially should be taking note of the newest trend in music publishing: Non-Fungible Tokens. An NFT is basically a stamp of ownership. In a world where you can easily copy and republish music, images and digital art, NFTs make sense. They’re a record of the rights-holder of a digital work. NFTs solve the problem of double-spend transactions, which is where someone sells the same thing twice. Like that guy who sold the Eiffel Tower. Twice.
Why is this important for DJs?
Professional DJs often find themselves afloat in a world of hype, name-dropping and street cred. There are constant disputes over sampling, copyright infringement and publishing. While blockchain-based music platforms aim to solve some of these problems, there’s another reason that Bitcoin makes sense if you’re purchasing music frequently: fewer transaction fees. PayPal charges over 3% for transactions in the United States, a whopping amount in financial terms. It’s now worth exploring the alternatives.
DJs and music producers would do well to have some currency stored in Bitcoin or Ethereum for their track downloads, or even to begin transacting in the currency themselves. Wherever your opinions lie with regard to cryptocurrency, the buzz doesn’t seem to be dying out. Neither is the buzz about raising your DJ profile with the Career Tips DJ course by DJ Courses Online.