Icelandic singer Bjork is rewarding fans that buy her album with cryptocurrency.
Her upcoming album, titled Utopia, is expected to be released on November 24 of this year.
According to Blockpool, a B2B blockchain company that will be handling the crypto-processing, fans of Bjork can purchase Utopia with up to four different digital currencies. Said currencies include Bitcoin, Litecoin, Dashcoin, and Audiocoin.
And those who pre-order her album via her website or her label, One Little Indian, will be rewarded with 100 AudioCoins, a music-centric Initial Coin Offering (ICO).
— björk (@bjork) November 2, 2017
While the value of 100 Audiocoins currently add up to only 31 cents (in US dollar), it is noteworthy to mention that if it follows its predecessor’s (Bitcoin) footsteps of a whopping 480 per cent rise in 2017, these Audiocoins will inflate to a respectable US $148 within a year.
The crypto craze
Bjork is no stranger to tech trends. Her previous album releases and projects saw her dabble with an iOS app for her album Biophilia and virtual reality in an exhibit titled Björk Digital, which was presented by the Los Angeles Philharmonic.
And she is not the only celebrity jumping on the ICO bandwagon.
Well-known personalities such as Jamie Foxx and Paris Hilton have also been actively endorsing ICOs recently, with Foxx promoting Cobinhood, a cryptocurrency exchange platform, and Hilton participating in LydianCoin, a platform that intends to combine “the blockchain with targeted, AI driven digital marketing and advertising services”.
— Jamie Foxx (@iamjamiefoxx) September 18, 2017
However, in response to the tech hype, Wall Street’s main regulator, the U.S. Securities and Exchange Commission (SEC), recently issued a warning to both celebs and individuals, stating that should any cryptocurrency endorsements violate the law, said individual or A-lister could face legal repercussions.
And such incidents have happened in recent history.
Case in point, digital token Centra (endorsed by Floyd Mayweather) recently came under fire after a New York Times (NYT) piece questioned the legitimacy of the company.
The NYT article raised questions about the company’s founders, who briefly listed a non-existent older man as the CEO of the company.
However, according to Blockpool CEO Kevin Bacon, he told Music Ally that this relatively new strategy of ‘music-and-crypto’ is not fully about jumping on the bandwagon, but rather a way of benefiting from cryptocurrency by “doing things…that people haven’t thought of yet”.
Music and blockchain
There is little doubt that blockchain is making huge waves in the music industry.
At its core, the technology is all about decentralization. And when more people throw their weight behind it – especially prominent figures such as Bjork, Foxx etc – they are magnifying the legitimacy of it and incentivizing others (i.e. their fans) to jump aboard.
And if Bitcoin is any indication, early adopters of various cryptocurrencies will be handsomely rewarded, not only in monetary compensations but also in the satisfaction they get from sticking up to a traditional industry system where companies charge a flat rate, offer no additional perks and make large profits through content produced by the artists.