Rapper Raftaar is the first Indian artiste to accept cryptocurrency as performance fees

Bitcoin (Image: Reuters)

Rapper Raftaar has become the first Indian artiste to accept cryptocurrency instead of actual currency as performance fee.

"I've always been an ardent admirer of blockchain technology. I've always wondered why artistes and managers alike haven't explored the potential of this disruptive medium. 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," said Raftaar.

The virtual performance for which Raftaar accepted cryptocurrency is scheduled for the second week of July. The boutique 60-minute event will be hosted in Canada, Ottawa for a private gathering of 100 people.

The rapper's longtime business partner and manager Ankit Khanna has been instrumental in the cryptocurrency transaction.

Ankit shared: "In my opinion, music will be one of the first industries to be completely and thoroughly disrupted through the blockchain. The artist can now go directly to the public in every single way without the need of middlemen. Blockchain has the potential to expedite a seamless experience for anyone involved with generating or interacting with music. I'm happy to welcome this new transactional paradigm with my longtime business associate Raftaar who truly is a pioneering voice of this new generation."

Meanwhile, cryptocurrency and blockchain technology has already won the approval of global artists like 50 Cent, Mariah Carey, G-Eazy, Sia, Fall Out Boy, the Backstreet Boys and Lana Del Rey among others.