Grammy Award-winning American pop rock band "Portugal. The Man" has launched a fan-focused cryptocurrency on the Ethereum-based Rally Community. Often called PTM Coin, the brand new token reportedly offers followers unique entry to varied occasions and perks, together with a reside stream occasion, beforehand unreleased songs, and extra.
Fan tokens emerged as a rising development in 2020, driving artists and content material creators (and even soccer players) to construct digital communities via symbolic economies on the blockchain.
Then Portugal. The Man will publish an archive of unreleased performances to token holders on Friday, marking the primary time Grammy Award-winning artists have used cryptocurrency to distribute new materials.
Portugal. The Man is finest recognized for the hit single & # 39; Really feel It Nonetheless & # 39; from 2017, which bought an estimated 5 million copies in the USA and hundreds of thousands extra worldwide. The band was shaped by John Gourley, Zach Carothers, Kyle O & # 39; Quin, Zoe Manville, Jason Sechrist and Eric Howk, who now reside in Portland, Oregon.
PTM Coin is hosted on Rally Community, a digital asset platform constructed on an Ethereum aspect chain that permits artists and content material creators to construct customized “Creator Cash”.
John Gourlay, lead singer from Portugal. The Man, mentioned the choice to launch a fan cryptocurrency was motivated by a want to encourage the expansion of the neighborhood whereas giving possession to the followers themselves:
“At PTM it was at all times a couple of direct reference to our viewers. We’ve got by no means felt good about charging Meet & Greets or for signatures and the like. We searched lengthy and laborious for an answer that might enable us to embrace our neighborhood, but in addition give them the chance to expertise actual possession in what we do. "
Kevin Chou, co-founder of Rally, mentioned the discharge of PTM Coin & # 39; probably the most substantial launch of an artist social token & # 39; was within the cryptocurrency area to this point and & # 39; the primary time a world artist has teamed up with their neighborhood to supply unreleased and reside recordings. "
The idea of blockchain-based fan tokens turned in style worldwide in 2020, particularly the European soccer big Barcelona began to experiment with the social token model in June, which led to a $ 1.three million token sale that bought out in two hours.