Electronic dance music platform Beatport has announced that it will start accepting cryptocurrency payments from June.
The announcement makes the platform the first major online music retailer to accept bitcoin as a payment option. However, there have been other niche digital service providers, such as download store Tradebit, accepting bitcoin for some time.
The move is in collaboration with Hong Kong’s Crypto.com, a marketplace that serves more than 10 million users around the world.
Beatport also announced that it was planning to release an non-fungible token (NFT) audio-visual compilation titled Music For Future Dance Floors on 23 April. The compilation includes unreleased tracks from DJ-producers Sasha, Charlotte de Witte, Boys Noize, Pan-Pot and Sama’ Abdulhadi, as well as a fresh collaborative track from Nic Fanciulli and Alec Monopoly titled ‘Sold As Seen’. Several songs from emerging artists will also be featured.
Beatport CEO Robb McDaniels says crypto payments and NFTs are just the beginning of the platform’s exploration of new tech to improve its services.
“It’s clear that, even in the midst of a pandemic, the DJ-producer community is willing to lead the industry towards embracing new technology and innovative mediums for engaging with their fans. The world of cryptocurrencies and non-fungible tokens are a clear example of this fact,” he said.
The visual portion of the NFT involves art from Leif Podhajsky, a Berlin-based artist who has created covers for artists such as Tame Impala, Bonobo and Foals.
Beatport says fans should expect several similar compilations in the near future. Each compilation will cost $303, and a portion will be donated to a carbon offset fund.