Cryptocurrency has been everywhere in 2017, spurred on by the rise and rise of prices in the bitcoin market. As bitcoin and other digital currencies continue to gain mainstream acceptance, cryptocurrencies have been popping up left, right and centre – and often in some unexpected places.
The music business looks to be the latest, with the announcement that a group of artists are now supporting payments in monero for sales of their music online.
Artists including Mariah Carey, Marilyn Manson, Fallout Boy, Sia, Weezer, G-Eazy and Slayer are all signed up as part of ‘Project Coral Reef’, designed in collaboration with the development team at monero.
“Cryptocurrencies are fast becoming more popular to make purchases, but not all currencies are created equal and not all are as private and secure as people think. Project Coral Reef is a very important step towards the mainstream adoption of monero,” according to Riccardo Spagni, the lead maintainer at monero.
The cryptocurrency monero has also enjoyed solid trading numbers in recent weeks, encouraged in part by the rapid growth in bitcoin markets. Now, with the currency gaining the acceptance of some quarters of the music business, this could spell further good news for cryptocurrency.
The Project Coral Reef initiative will provide fans with a mechanism for buying music and merchandise through virtual currency, with up to 15% reductions on the retail price for some artists like Alice Cooper and Motorhead.
Speaking on the project, rapper G-Eazy said that monero was the perfect choice in alternative currency for allowing fans to buy merchandise online.
“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise. Given Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season — and just in time for my new album.”
One of the best performing cryptocurrencies of 2016, the move is a significant moment for the currency which puts privacy at the core of each transaction.