From painters to digital artists to musicians, crypto continues to find integration in all artistic mediums. Music continues to be an area that is ripe for revitalization, from a business perspective. As a result, a number of different musicians have released songs and albums as NFTs. Now we have what is reported to be the first official label looking to get involved. The label seeks to have artists join the ranks of other musicians getting involved in crypto.
In a press release issued to begin this week, Legacy Records CEO Keishia McLeod said it was “either get involved or get left behind”. McLeod cited unique revenue stream opportunities for artists and concluded by saying “it’s the future, not a trend.” McLeod has previously stated his intention to lead the label to be at the forefront of harnessing emerging technologies in music.
Two large compartments contribute to Legacy’s approach. The former is the most notable, as the label will become the first to offer artists the option to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans regarding NFTs and the number of artists seeking to be paid in crypto have yet to be disclosed.
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As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com
Broader growth of Legacy Music business
Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will be looking to capitalize on the potential media buzz from the announcement. However, alongside the release, the label also announced a future music distributor who also agreed to pay Legacy Records artists in bitcoin. The label has also merged with “The Gray Firm,” from New Jersey entertainment attorney Navarro Gray, to provide legal advice on digital enforcement.
McLeod previously noted that the label wants to be a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that in this industry yet, but it’s happening. We’re going to be a big part of making that happen.”
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Music Artists Emerging in Crypto
The Legacy roster has the potential to join a growing list of musical artists who continue to engage with crypto and NFTs. Last month, we wrote about longtime hip-hop artist Eminem teaming up with Nifty Gateway to release original instrumental beats. Saturday Night Live quickly had a sketch explaining digital collectibles parodying Eminem’s “Without Me.”
Other musicians taking part in NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
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Featured image from Pixabay, Charts from TradingView.com