Exciting move for music industry as you can now buy Mariah Carey and G-Eazy albums using Monero. 2017 has no doubt been the year of bitcoin and other digital currencies as they finally are entering into the mainstream. Bitcoin has seen its price increase twelve-fold this year so far, hitting record highs every few days as of late.
There has been an explosion in initial coin offerings (ICOs) whereby billions of dollars are invested in startups to fund exciting new technologies and platforms that utilise blockchain technology.
Now we are seeing the music industry adopt digital currencies as a form of payment for albums. It has been announced that consumers can now buy the music of some well-known artists such as Mariah Carey, G-Eazy and Marilyn Manson by using a cryptocurrency that places a large emphasis on privacy – Monero.
This list was recently released and contains over 40 of the best artists in the world and the project has been dubbed “Project Coral Reef.” It was Naveen Jain, an entrepreneur who came up with this idea alongside Riccardo Spagni who is the lead maintainer of Moreno.
This new initiative allows people to buy merchandise and albums from these artists at discount rate, such as a 15% discount on all items in Mariah Carey’s store.
This project is being backed by a number of different parties, namely Global Merchandising Services and Manhead Merchandised who have a long track record of representing the merchandise interests of any top performers.
In terms of managing the crypto payment services side of things, this will be looked after by the payment processing company called GoBee, of which Spagni is the CEO and founder.
The aim of this project is to give fans more and more payment options when it comes to buying music and merchandise from their favourite artists. Monero has been proven to be one of the most secure and safest digital currencies out there today.
There was an announcement even made last week by the founder of TechCrunch Michael Arrington who has started a hundred million dollar hedge fund using Monero as its base currency, showcasing how much value is placed upon it.
This music play brings the digital currency into the mainstream and has generated a lot of publicity, as it has been one of the cryptocurrencies that have performed the best over the past couple of years.
There are certain members of law enforcement who remain concerned about just how private this currency is, it has continually attracted interest from investors.
It even hit record highs this morning on the exchanges on the back of this music announcement, hitting the $240 mark for the very first time which gave it a market cap of over $3.5 billion.
The parties that are involved in this venture believe that the privacy features of this specific digital currency are what makes it so appealing to people, especially those more mainstream users who are concerned with the privacy of their data and who might not have much experience when it comes to using digital currencies. It is a good step towards achieving a more mainstream adoption and it will be interesting to watch how it turns out in the coming months.