Beatport, a digital music portal for DJs and musicians, appear this week that it would begin accepting Bitcoin (BTC) every bit a means of payment on its website. Beatport hosts and sells music tracks for apply by DJs, returning a portion of the proceeds to the original artist.

The company announced that it would accept Bitcoin starting in June. Beatport CEO Robb McDaniels said the decision to have BTC was born out of a desire to proceed innovating, fifty-fifty amid the COVID-19 pandemic.

"When information technology benefits and strengthens the artist community, there is no reason to stop innovating. It'south clear that, even in the midst of a pandemic, the DJ/Producer community is willing to lead the industry towards embracing new engineering and innovative mediums for engaging with their fans," said McDaniels, adding, "And the world of crypto currencies and nonfungible tokens are a clear example of this fact."

Beatport announced on the same mean solar day that it would launch its ain nonfungible token, or NFT, range titled "Music for Time to come Dance Floors" on Friday, in cooperation with Crypto.com. With Crypto.com Money (CRO) ranked around 30th by market capitalization, having a current valuation of just over $five billion, Crypto.com is a multifaceted cryptocurrency project with focuses ranging from in-store crypto-carte payments to passive income staking and tokenization.

The audio-visual NFT will reportedly feature collaboration from a number of prominent musicians and artists. A portion of the proceeds volition be donated to clemency. McDaniels said that the company was committed to reaping the benefits that time to come developments in blockchain engineering science would bring.

"For Beatport, this is just the starting time of our exploration into the metaverse and we are committed to the long-term opportunities this revolutionary technology portends," he said.

Recently, a music schoolhouse in Edinburgh, Scotland, announced that it would begin accepting Bitcoin as a form of tuition payment. The rush by companies to accept Bitcoin as a payment method was no doubt hastened by its spectacular cost gains over the grade of the past year — despite the fact that transaction fees have risen hand in hand.