The Monero cryptocurrency has collaborated with popular musicians and online stores to offer privacy coins and special discounts for music fans real soon.
Among other developments in the cryptocurrency world, the year 2017 has seen a cross-section of the traditional financial world start opening up to the possibility of adopting the Bitcoin for the long term. It is, therefore, a step in the right direction for other industries to also start taking up the concept of cryptocurrency.
In this regard, the cryptocurrency Monero has made another major leap in its own development and acceptance among the wider population. It was recently announced that up to 45 musicians and 5 online stores are going to be accepting payments in the form of the privacy coin this festive season. To encourage more people to use Monero, these musicians and entities will also be offering discounts to those of their fans and customers who opt to use the cryptocurrency.
Some of the big names participating in the venture include artists like Mariah Carey, Weezer, G-Eazy, Slayer, Kaskade, the B-52s, Dolly Parton, Morrissey, Lumineers, the Backstreet Boys, Sia, Lana Del Rey, Marilyn Manson and Motley Crue.
Monero is the 9th largest cryptocurrency and has a market capitalization of about $3.5 billion, with a unit of the blockchain currency currently retailing at $226. Speaking about his own adoption of Monero, G-Eazy explained that he has decided to ask his fans to pay for his songs and other merchandise in the privacy coin because he wants them to have options when buying.
While acknowledging the fact that cryptocurrencies are fastly becoming more popular and will certainly hold a strong position in the future of commerce, G-Eazy also termed Monero as one of the most private and most secure cryptocurrencies that will be among the best options for his fans this festive season. The move comes just in time for G-Eazy’s new album. This initiative — dubbed “Project Coral Reef” — is the brainchild of serial entrepreneur Naveen Jain, a huge Monero fan who has collaborated with many of these artists in various projects in the past.
Jain termed lack of acceptance as one of the biggest challenges he sees with cryptocurrencies. He says he wants to give the relatively small but significant Monero community an opportunity to spend their cryptocurrency units on “things that are really cool and exciting” and in the process enhance Monero’s awareness among the population.
According to Riccardo Spagni, another Monero fan who is a lead maintainer of the privacy currency, if rabid music fans get a chance to buy unique items with Monero and save 5% on their purchases, then they will “jump through the hoops” to get it. This initiative may be one of the very first times that online stores appealing to mainstream consumers use Monero, which is perhaps best known for being mostly used for the purchase of illegal merchandise on the web.
There are many crypto investors who believe that privacy coins like Monero now have the chance to shed off that dark web tag and become in demand. To make Project Coral Reef possible, the team behind the venture had to bring in e-commerce payment platform Shopify.
Before this initiative, Shopify only accepted Bitcoin. The payment processor for this venture will be GloBee, a financial processing firm where Spagni is CEO. According to the organizers, the enthusiasm that Project Coral Reef has been received with may also be an indication that there is a great necessity for private transactions, especially after breaches at stores such as Home Depot, Target and with credit bureau platform Equifax.
However, this isn’t the first time that artists have made news by accepting cryptocurrency payments. Earlier this fall, Bjork had announced that each buyer of her upcoming album would be receiving 100 AudioCoins, while Ghostface Killah had announced his backing of an initial coin offering, dubbed Cream Capital, that later indefinitely suspended itself from the market.