Rapper Raftaar has announced that he will accept cryptocurrency instead of actual currency as his performance fee. He has become the first Indian artiste to do so. Raftaar said that he has been an ardent admirer of blockchain technology and accepting payment using the same technology is like a dream come true for him. He has already started taking crypto payments for his show scheduled to be held in July.
The demand for cryptocurrency has been witnessing an increase in the past few years. The craze has been aided by the constant support on social media from tech billionaire Elon Musk. Raftaar has credited his manager Ankit Khanna for making arrangements for accepting cryptocurrency as his performance fee. He said that he has always wondered why artists and managers haven’t explored the potential of this disruptive medium so far
“Nevertheless, I’ve finally taken the baby steps in this direction and all the credit goes to my manager, Ankit Khanna for making this dream a reality for me," Raftaar was quoted as saying by news agency IANS. Khanna is Raftaar’s longtime business partner and manager.
Cryptocurrency is a digital currency. Transactions made through cryptocurrency are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. Global artists like 50 Cent, Mariah Carey, G-Eazy, Sia, Fall Out Boy, the Backstreet Boys and Lana Del Rey among others are accepting their performance fee in cryptocurrency instead of actual currency.
In March, Musk had tried to sell a song as an NFT, before he backtracked and decided against it. The billionaire did share a looping video attached to the tweet Musk posted on the news. The video displays the words “Vanity Trophy" orbiting around a golden orb affixed to the top of a literal trophy reading “HODL" short for the phase “hold on for dear life."
According to a recent IndiaTech.org report, Indian users currently hold cryptocurrency assets worth more than $1.5 billion and their daily trades in cryptocurrency are worth $350-500 million.
News18 spoke with Artur Schaback, Co-Founder and Chief Operating Officer of Paxful, a peer to peer (P2P) trading platform, who believes that despite the uncertainty, the expected panel of experts who will take the first step towards regulating crypto in India, is a cause to remain optimistic. Schaback also insists that the crypto investment has matured and no longer are investors afraid that the price will continue to fall. He also added, “Demand for cryptocurrency in India is rising."
Recently, El Salvador became the first country in the world to officially classify Bitcoin as a legal currency.