Legacy Records has started to allow its artists to be paid in Bitcoin, a press release has revealed.
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Legacy will become the first known record label in the industry to pay its artists in Bitcoin. Legacy will is also seeking to make use of NFTs for listeners of its artists as another form of revenue.
According to the press release, Legacy will "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."
Keishia McLeod, the CEO of Legacy Records, said that the label can either get with the trend of cryptocurrency or get left behind.
"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," said Mcleod. "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."
Entertainment lawyer Navarro W. Gray, the founder of The Gray Firm, has teamed up with Legacy Records. Gray noted that this is a historical moment for the music industry.
"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."