Grammy Award Winner Portugal. The Man Launches Fan-Focused Cryptocurrency On Rally Network
Grammy Award Winner “Portugal. The Man” Launches Fan-Focused Cryptocurrency On Rally Network
January 15, 2021
Grammy Award Winner Portugal. The Man Launches Fan-Focused Cryptocurrency On Rally Network
Grammy Award Winner “Portugal. The Man” Launches Fan-Focused Cryptocurrency On Rally Network
January 15, 2021

Portugal. The Man,” the Grammy Award-winning American pop-rock band, has launched a fan-focused cryptocurrency named “PTM Coin” on the Ethereum-based Rally Network.

It has been reported that the new token will grant fans exclusive access to various events and perks, including a livestream party, previously unreleased songs, and more.

Portugal. The Man is best known for the 2017 hit single “Feel It Still,” which sold an estimated 5 million copies in the United States and millions more worldwide. The band was formed by native Alaskans John Gourley, Zach Carothers, Kyle O’Quin, Zoe Manville, Jason Sechrist, and Eric Howk, now residents of Portland, Oregon.

However, fan tokens emerged as a growing trend in 2020, allowing artists, content creators, and even soccer players to build virtual communities through token economies on the blockchain.

The report said that when Portugal. The Man releases an archive of unreleased performances to token holders on Friday, it will mark the first time Grammy Award-winning artists have used cryptocurrency to distribute new material.

ALSO READ :  Draper Goren Holm Launches First Crypto DEX Plugin For WordPress

As per the sources, PTM Coin is hosted on Rally Network, a digital-asset platform built on an Ethereum sidechain that allows artists and content creators to build personalized “Creator Coins.”

John Gourlay, the lead singer of Portugal. The Man, said that the decision to launch a cryptocurrency for fans was motivated by a desire to encourage community growth while conferring ownership to the fans themselves.

He added:

“PTM has always been about having a direct connection with our audiences. We never felt good charging for Meet & Greets or for autographs and things like that. We looked long and hard for a solution that would allow us to embrace our community but also give them the opportunity to experience real ownership in what we are doing.”

Likewise, Kevin Chou, the co-founder of Rally, said that the release of PTM Coin was “the most substantial artist social token launch” held in the cryptocurrency space to date and “the first time a global artist has partnered with their community to offer unreleased and live recordings.

ALSO READ :  New York Digital Investment Group Submits Paperwork With The US SEC To Launch A New Bitcoin ETF

Thus, the concept of blockchain-based fan tokens took hold globally in 2020. 

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy has hit another $10 million purchase after March 4 (Thursday’s) market uncertainty. It has been reported that Michael Saylor, the CEO of MicroStrategy, said that the company purchased another 205 BTC at...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.