(CelebrityAccess) — Online music retailer Beatport announced it will begin accepting the volatile cryptocurrency Bitcoin as a method of payment from customers, starting in June.
Beatport’s bitcoin payment options will be deployed via a partnership with crypto currency marketplace, Crypto.com, which will serve as a payment gateway for its customer facing Bitcoin product when it launches in June.
However, customers may be hesitant to use bitcoin for retail purchases due to its price volatility. The cryptocurrency is currently trading at $55,058 but that price has fluctuated by almost $2,000 in the last 24 hours.
This pitfall is highlighted by the first known commercial purchase using bitcoin when in 2010, programmer Laszlo Hanyecz used 10,000 bitcoins to purchase 2 Papa Johns pizzas in a trade that would have been worth $550 million at today’s prices.
Along with the addition of cryptocurrency as payment option, Beatport announced plans to participate in “Music for Future Dance Floors,” a curated Non-Fungible Token in partnership with Crypto.com that will debut on April 23rd.
The NFT, the first in a series of audio-visual compilations planned by Beatport, will include exclusive, unreleased tracks by DJ/producers Sasha, Charlotte De Witte, Boyz Noize, Pan-Pot, a new collaboration between Nic Fanciulli and Alec Monopoly called Sold As Seen, and a bonus track from Sama’ Abdulhadi, along with visual art from Berlin-based Leif Podhajsky.
The collection will also feature a selection of emerging artists Alignment, Third Son, Anna Lann and Risa Taniguchi who will join established artists for special minidrops, priced at $303 each. All ten tracks will then be packaged with bonus material with just 10 copies that will include a bonus track as well as four guest passes for one show for the NFT.
The NFT drop will take place on Crypto.com on April 23rd.