Grammy Award-winning American pop-rock group “Portugal. The Man” has launched a fan-driven cryptocurrency on the Ethereum-based Rally Network. Known as PTM Coin, the new token is said to give fans exclusive access to various events and benefits, including a live party, unreleased songs and more.
Fan tokens have emerged as a growing trend in 2020, allowing artists and content creators (and even soccer players) to build virtual communities through token savings on the blockchain.
When Portugal. The Man releases an archive of never-before-seen performances to token holders on Friday, marking the first time Grammy Award-winning artists have used the cryptocurrency to distribute new material.
Portugal. The Man is best known for the hit single “Feel It Still” from 2017, which sold approximately 5 million copies in the United States and millions more around the world. The group was formed by Alaskan residents 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 Network, a digital asset platform built on an Ethereum sidechain that allows artists and content creators to create custom “Creator Coins”.
John Gourlay, main singer from Portugal. The Man, said the decision to launch a cryptocurrency for fans was driven by a desire to encourage community growth while also giving ownership to the fans themselves:
“PTM has always been about having a direct connection with our audience. We never felt good in charge for Meet & Greets or autographs and things like that. We have searched for a long time for a solution that would allow us to embrace our community, but which would also give them the opportunity to really take ownership of what we do. “
Kevin Chou, co-founder of Rally, said the release of PTM Coin was “the most significant artist social token launch” held in the cryptocurrency space to date and “the first time ‘A global artist has partnered with his community to deliver new and live content. recordings. “
The concept of blockchain-based fan tokens took root around the world in 2020. Most notably, European football giant Barcelona started experimenting with the social token model in June, which led to a sale. of $ 1.3 million tokens that sold out in two hours.