“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.
Portugal. The Man has launched a fan-token on the Ethereum blockchain and will distribute previously unreleased material using cryptocurrency tokens. https://t.co/zQMQiLs9TM — Cointelegraph (@Cointelegraph) January 14, 2021
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.
“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.
Thus, the concept of blockchain-based fan tokens took hold globally in 2020.