It appears to be the dawning of a new day in the music industry. The independent label/distributor EMPIRE announced Atlanta-based artist Money Man will be compensated by the company with cryptocurrency.
Money Man is set to receive his entire 7-figure advance from EMPIRE in Bitcoin via Cash App. The rapper is partnering with EMPIRE CEO/founder Ghazi Shami to release a project titled Blockchain.
The album will arrive on November 12 and is now available for pre-order/pre-save/pre-add on various DSPs. Money Man recently released the upcoming studio LP’s title track.
The “Blockchain” music video has already amassed more than 4 million views on YouTube. As of press time, the five-day-old visuals are trending at #13 in the platform’s music section.
Money Man bought himself out of his previous contract with Cash Money Records by using earnings from early investments in Bitcoin. He reportedly put up $250,000 in order to become an independent act.
“I bought myself out that deal so I could get 100% of the profit. Really, I’m not a splurger like that. I could make $500,000 and whatever else comes in over that I’ll spend,” Money Man explained to The Source in 2018.
He added, “Then when I get to another amount I save that, and whatever money I make that exceeds that particular amount I had previously set to save I use that extra as spending money. So I make sure I have a lot of money put up to the side.”
Money Man and EMPIRE’s Ghazi Shami both participated in the “Pay Me In Bitcoin” panel at this year’s Bitcoin Conference in June. The Miami event also featured former NFL player Sean Culkin and Strike founder Jack Mallers discussing Bitcoin investment.