One craze the Covid-19 era generated is the rise of cryptocurrency. Legacy Records has brought the crypto world into the music industry by becoming the first known record label to pay its artists in cryptocurrency.
Specifically, Bitcoin. Legacy is taking it even further by bringing non-fungible tokens (NFTs) into play.
NFTs are units of data that are stored on a digital ledger called a blockchain. Unlike cryptocurrency, NFTs are not mutually interchangeable.
The label plans to, along with its artists, release NFTs tied to extra perks for investors, amongst other things yet to release. Utilizing NFTs will change the power structure and profitability of the music industry. Long story short, Legacy plans to evolve the industry as we know it.
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Yes, transactions using NFTs allow audiences to participate in auctions for unique content from the artists they love. Keishia McLeod, CEO of Legacy Records, explained in a recent interview:
“I see 2 choices here, either get involved or get left behind. What we’re working on will allow many other income streams for artists for real wealth. I love seeing the way those, in and out of the industry, are creatively incorporating the use of NFT’s. I mean, it’s no secret NFT’s alone have earned millions for artists already: but as for cryptocurrency and it’s potential as a whole, we knew this day would come and we’ve been preparing to take it a step further. I don’t think any business can afford to remain complacent in regards to the future. It’s a really exciting time for us [the world] right now. This is the future, not a trend.”
Currently, these tokens and the transactions that involve them empower the artists who sell them.
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Just as eager, Virgin Music Label & Artist Services, has jumped on board with Legacy Records and is just as ready to pay out artists in Bitcoin.
Virgin is a new global network launched by Universal Music Group to deliver premium and flexible artist and label services to the industry’s most dynamic entrepreneurs and independent talent worldwide, inspired and influenced by the spirit and ethos of the iconic Virgin Records label.
In addition, entertainment lawyer Navarro W. Gray, of New Jersey‘s ‘The Gray Firm’, has merged with Legacy and noted that “Legacy Records is the first label in history that offers their artists the opportunity to receive their advance and royalty payments in cryptocurrency. There has not been such a change in the music industry like this since digital distribution and streaming.” Gray has played an extensive role in the record label’s success thus far.
The prominent lawyer elaborated on his excitement in “I am glad to be such an intricate part of the machine that will be leading the forefront in this digital lane,” and bid kudos to Legacy and their efforts and dedication throughout the grounding process.
Carolyn Boroden is excited about the future of the company as well. She is the owner of Synchronicity Market Timing, LLC and Fibonacciqueen on Twitter. Boroden is a market technical analyst and educator using Fibonacci time and price parameters as her methodology. She also runs a live trading room during the day on elliottwavetrader.net and writes for Jim Cramer on his real money website, realmoney.thestreet.com. She added in a recent interview, “I like that Legacy is getting involved in cryptocurrency payments,” said Boroden.” “When many of my long-time friends now ask for advice in Bitcoin, and my Uber driver asks about it for his grandma, I think it’s time has come.”
Legacy is in the crypto space for the long run. The rise of cryptocurrency has this innovative label taking names on the daily and changing the industry as it’s been known. Legacy will indefinitely be recognized as the first record label to pay out in Bitcoin, and their standard of excellence is not to be reckoned with.
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