Digital Music Retailer Beatport To Launch A/V NFTs, Accept Bitcoin For Songs

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Digital music retailer Beatport is set to begin accepting payments in cryptocurrencies such as Bitcoin through a partnership with cryptocurrency trading platform Crypto.com, starting in June. It has also partnered with Crypto.com to auction a Non-Fungible Token or NFT audio/visual collection on its recently launched NFT marketplace.

Beatport will become the first digital online music retailer to accept Bitcoin as payment for sale of full songs as well as resources that can be used for music remixes. A portion of the proceeds will go to the original artist. It will use Crypto.com as the gateway for store payments.

Beatport will also use the Crypto.com NFT marketplace to auction an expertly curated NFT, titled "Music for Future Dance Floors", which will be released on April 23.

Hong Kong-based Crypto.com launched its own NFT marketplace for artists to connect to their vast customer base to sell unique and creative digital goods in late March.

The NFTs to be auctioned by Beatport will include exclusive and unreleased tracks from world-renowned artists like Sasha, Charlotte de Witte, Boys Noize, and Pan-Pot as well as a collaboration between Nic Fanciulli and Alec Monopoly working as Sold As Seen.

It will also feature a bonus track from Sama' Abdulhadi that will be paired with visual art from Berlin-based Leif Podhajsky. Music from other emerging artists like Beatport Next artist Alignment, Third Son, Anna Lann and Risa Taniguchi will join with mini drops priced at $303 each.

All 10 tracks will then be packaged with bonus material as a 10-of-10 auction, and will include the bonus track, four guest passes to one show for each artist, and extra visual content.

Beatport said it will contribute a portion of the proceeds from the NFT auctions o charity, including a carbon offset donation.

NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work. When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights.

NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.

NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information using the blockchain's digital ledger to provide irrefutable proof of authenticity and ownership.

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