From Boomboxes to Blockchains: How Hip-hop is Embracing Crypto

When cryptocurrency first came onto the scene many industries were apprehensive. The digital currency was very unknown. While it claimed to have many benefits it also came with a lot of risk.

However, as time has gone on more and more industries have discovered just how beneficial cryptocurrency and blockchain can be to them. The music industry and hip-hop in particular have found just how useful cryptocurrency can be. Let’s take a closer look at the impact the currency is having on the world and hip-hop in particular. 

How crypto is impacting the world

Cryptocurrency has very quickly become a strong contender in global finance. It’s provided a new alternative to traditional systems that many industries are choosing to utilize. From e-commerce to real estate cryptocurrencies like Bitcoin and Ethereum are providing alternative payment methods that are fast, secure, and decentralized. A great example of an industry where cryptocurrency is changing the game is online casinos and gambling services. The currency is not only providing a more convenient and effective way to pay but is helping to improve a player’s overall experience. This is helping to make platforms more secure and efficient. Platforms like Casinos.com can help you find platforms that accept the currency giving you the chance to experience the many benefits that come with using it. The introduction of non-fungible tokens (NFTs) has meant that creators can sell unique digital assets which has created more opportunities for artists and influencers. This has meant artists can take ownership of their work and make their revenue. This has changed the way many industries work and has helped to position artists in a much better place. This is the same for hip-hop artists helping to introduce a whole new era for creating music and where the control lies in the industry. 

How blockchain is helping to keep the industry secure

Cryptocurrency is not only providing opportunities to hip-hop artists. It also offers security. Blockchain technology is the backbone of cryptocurrencies. It’s a technology that offers several benefits in terms of security, transparency, and accountability. This technology provides a decentralised ledger that records transactions in a secure and immutable way which makes it particularly valuable for the music industry. The technology helps to tackle one of the most pressing issues in the industry which is piracy and copyright infringement. By creating a transparent system for tracking ownership and usage rights blockchain can help to address these issues. A smart contract with terms of the agreement directly written into code can automatically enforce agreements between artists, producers, and distributors. With this artists can be compensated fairly and promptly for their work without the risk of exploitation or fraud. Blockchain can also enable better tracking of royalties which ensures that artists receive payment for their contributions. This is a much better alternative than previously in the traditional music industry as many artists would struggle to receive their royalties on time and may not even have received accurate payments. And finally, blockchain can also protect artists from issues like identity theft and unauthorized use of their work. This is crucial as now many artists are releasing their music digitally. The transparent nature of blockchain allows for a clear chain of custody for digital assets which makes it easier to prove ownership and combat piracy.

An impact on hip-hop artists

Cryptocurrency has had a major impact on hip-hop artists. Thanks to the currency, many artists are now able to take ownership of their work and connect to their fans more directly. This is completely different from the traditional music industry which involved several different intermediaries. This meant that artists were only receiving a small fraction of the revenue generated from their music. Cryptocurrency allows artists to sell their music and merchandise directly to their fans which has reduced the need for any middlemen. This is not only helping to create opportunities for newer artists but it’s also providing freedom to artists that are already in the industry too. For example, Snoop Dog is among the many artists who have ventured into the world of NFTS to share music and merchandise. The global music NFT market size as a whole was USD 1350 Million in 2021 and has been increasing ever since. While the volatility of cryptocurrency is a risk it’s also an opportunity. The fluctuation in cryptocurrency can also offer the potential for financial gain. This can offer even more opportunities for artists to grow and earn even more. This helps artists to gain more authority in the industry and gives them more power over their careers. However, it’s important to note that while there is opportunity here, there is also risk for artists too. 

It’s clear just how much of an impact cryptocurrency has had on several industries including hip-hop. By helping to aid artists and provide them with more opportunities that are fair the industry is becoming more diverse and open. This means fans are also receiving a better quality experience too. Although the future of cryptocurrency and its technology is still unfolding it’s clear that the use of crypto and hip-hop together is changing the industry for the better. It will be exciting to see what’s to come from this partnership in the future.