DJs are diving into Bitcoin and other blockchain-based coins.
In 2017, the price of the decentralized digital currency Bitcoin rose over 1,100 percent, peaking above $19,000 and spurring the total market capitalization of such cryptocurrencies to a peak of more than $830 billion, according to CoinMarketCap.
One group driving the boom: dance-music artists, who have piled into blockchain-based coins such as Ether, Ripple and Litecoin. Los Angeles DJ-producer Mija (real name Amber Giles) says that "almost everybody" she knows in the DJ world is either investing in cryptocurrency or doing their research.
Last July, RAC’s latest album, EGO, became the first full-length release to be distributed on the Ethereum blockchain. In November, Gramatik raised $2.3 million to launch his own GRMTK token, in partnership with New York blockchain studio SingularityDTV. And U.K. trance artist Gareth Emery recently announced his blockchain-based project, Choon, which aims to disrupt music publishing by compensating artists directly and immediately when their songs are streamed.