Artists are Entering the World of Cryptocurrencies

Cryptocurrencies may not be only for traders and speculators after all. A recent wave of artists has started embracing digital currencies like Bitcoin.

Cryptocurrencies – Not Just for Traders Anymore

Every day we see new projects coming out that plan to utilize cryptocurrencies and blockchain technology for a specific industry. Most of these projects that use blockchain technology focus on trading, investing, and finance related platforms and services. But a tiny minority of the cryptocurrency market is aiming to offer unique services for artists like designers and musicians.

Many artists currently feel that they are being exploited by third-parties and middleman by selling their work on their platforms. A British startup called Maecenas is aiming to create an online gallery, where artists can upload their work and users will be able to purchase it through auctions with cryptocurrencies. The whole process will be backed by the blockchain technology in order to ensure full transparency across the platform. It’s worth noting that the young startup has recently managed to raise over $15 million through an Initial Coin Offering (ICO), and is planning to release its platform in  2018. But painters aren’t the only artists that are benefiting from the blockchain technology, musicians are also getting interested.

The Music Industry and Bitcoin

A couple of weeks ago news emerged that the famous Icelandic singer Bjork would start accepting Bitcoin for its new album called Utopia. According to the report, the decision to accept cryptocurrencies was made after many fans of Bjork requested it. Slovenian DJ Gramatik is also a musician that started experimenting with cryptocurrencies. According to a report in Billboard, the DJ started his own cryptocurrency called GRMTK and allowed his fans to buy his music with it. The main reasons behind this were the high transactions costs that other services have. Through a decentralized cryptocurrency users can directly buy the music from Gramatik, without having to pay high fees and royalties.

Gramatik further stated:

GRMTK isn’t just a cryptocurrency, it’s much more than that. Now, my audience can share in my inspiration and success by also owning the rights and royalties of my music, and anything I create and distribute on my upcoming channel. If you hold 100 GRMTK tokens, then you own 100 tokens worth of the rights and royalties of the music and projects I create.

Experts believe that in the near future, we might see even more and more artists and other famous people that will start selling their work through digital cryptocurrencies.

What are your thoughts on Bjork’s and Gramatik’s decision? Do you think that it was a good idea for them to start to accept cryptocurrencies for their art? Let us know in the comments below!

Images courtesy of Pixabay

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