In a primary for the blockchain world, the Grammy Award-winning band will use cryptocurrency tokens to distribute beforehand unreleased materials.
Grammy Award-winning American pop-rock band “Portugal. The Man” has launched a fan-focused cryptocurrency on the Ethereum-based Rally Community. Generally known as PTM Coin, the brand new token will reportedly grant followers unique entry to varied occasions and perks, together with a livestream occasion, beforehand unreleased songs and extra.
Fan tokens emerged as a rising pattern in 2020, permitting artists and content material creators (and even soccer gamers) to construct digital communities by token economies on the blockchain.
When Portugal. The Man releases an archive of unreleased performances to tokenholders on Friday, it is going to mark the primary time Grammy Award-winning artists have used cryptocurrency to distribute new materials.
Portugal. The Man is finest recognized for the 2017 hit single “Really feel It Nonetheless,” which bought an estimated 5 million copies in america and thousands and thousands extra worldwide. The band was fashioned by native Alaskans John Gourley, Zach Carothers, Kyle O’Quin, Zoe Manville, Jason Sechrist and Eric Howk, now residents of Portland, Oregon.
PTM Coin is hosted on Rally Community, a digital-asset platform constructed on an Ethereum sidechain that enables artists and content material creators to construct personalised “Creator Cash.”
John Gourlay, lead singer of Portugal. The Man, stated the choice to launch a cryptocurrency for followers was motivated by a want to encourage group progress whereas conferring possession to the followers themselves:
“PTM has all the time been about having a direct reference to our audiences. We by no means felt good charging for Meet & Greets or for autographs and issues like that. We regarded lengthy and arduous for an answer that will permit us to embrace our group but in addition give them the chance to expertise actual possession in what we’re doing.”
Kevin Chou, co-founder of Rally, stated the discharge of PTM Coin was “essentially the most substantial artist social token launch” held within the cryptocurrency area so far and “the primary time a world artist has partnered with their group to supply unreleased and dwell recordings.”
The idea of blockchain-based fan tokens took maintain globally in 2020. Most notably, European soccer big Barcelona started experimenting with the social token mannequin in June, resulting in a $1.3 million token sale tha bought out in two hours.