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 will reportedly grant followers unique entry to numerous occasions and perks, together with a livestream get together, 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 way of token economies on the blockchain.
When Portugal. The Man releases an archive of unreleased performances to tokenholders on Friday, it should mark the primary time Grammy Award-winning artists have used cryptocurrency to distribute new materials.
Portugal. The Man is greatest recognized for the 2017 hit single “Really feel It Nonetheless,” which offered an estimated 5 million copies in the US and tens of millions extra worldwide. The band was shaped 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 permits artists and content material creators to construct customized “Creator Cash.”
John Gourlay, lead singer of Portugal. The Man, mentioned the choice to launch a cryptocurrency for followers was motivated by a need 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 appeared lengthy and onerous for an answer that will enable us to embrace our group but additionally give them the chance to expertise actual possession in what we’re doing.”
Kevin Chou, co-founder of Rally, mentioned the discharge of PTM Coin was “essentially the most substantial artist social token launch” held within the cryptocurrency area thus far and “the primary time a worldwide artist has partnered with their group to supply unreleased and reside recordings.”
The idea of blockchain-based fan tokens took maintain globally in 2020. Most notably, European soccer large Barcelona started experimenting with the social token mannequin in June, resulting in a $1.3 million token sale tha offered out in two hours.