Money Man became the first rapper to receive his label advance in Bitcoin.
Financial experts may have had doubts about Bitcoin but it’s quite clear that cryptocurrency isn’t going anywhere in the near future. As the music industry begins embracing NFTs, and other forms of digital commerce, EMPIRE became the first record label to pay out a recording contract advance with BitCoin. Ghazi, the founder of EMPIRE Records, revealed last night that he paid out $1M in Bitcoin to Money Man for his advance which will likely start a trend for when rappers sign future contracts.
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It seems like Meek Mill is down with this idea, as well. The Dream Chasers boss recently revealed his issues with his record label in a series of tweets. “I haven’t get paid from music and I don’t know how much money labels make off me!!!!!” he wrote. “I need lawyers asap!!!”
“Ask the record label? how much have you spent on my as a artist? them you ask how much have you made off me as a artist? I’m about to make my record deal public by Monday just to let the world see what these people on!!!” he continued in an October tweet.
In response to Money Man’s latest business play, Meek Mill took to his Instagram story where he said that he, too, would like to be paid out in Bitcoin. “Ima get my next record deal paid in bit coin behind @moneyman,” Meek wrote on his story, alongside a picture of Money Man and his $1,002,921.09 Bitcoin balance.
Money Man isn’t the only rapper who will be able to negotiate a Bitcoin advance. EMPIRE announced on Tuesday that every artist that signs to their label will now have an option of receiving Bitcoin via CashApp.
What do you think Money Man’s Bitcoin advance? Let us know in the comments.
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