The Grammy-winning American pop-rock group Portugal. This person launched a fan-focused cryptocurrency on the Ethereum-powered Rally network. The new token is known as PTM Coin and is said to provide fans with exclusive access to a variety of events and benefits, including live concerts, previously unreleased songs, and more.

Fan tokens are becoming a growing trend in 2020, allowing artists and content creators (and even soccer players) to build virtual communities through the token economy on the blockchain.

When Portugal. On Friday, the man will publish an archive of unreleased shows for token holders, marking the first time that Grammy-winning artists have used cryptocurrency to distribute new material.

Portugal. This man is best known for the 2017 hit song Feel It Still, which has sold approximately five million copies in the United States and millions worldwide. The group was formed by Alaska natives John Gurley, Zach Carothers, Kyle Oken, Zoe Manville, Jason Seacrest and Eric Hook and now resides in Portland, Oregon.

PTM Coin hosts the Rally Network, a digital asset platform built on the Ethereum sidechain that allows artists and content creators to create “creators’ own coins”.

John Gerley, vocalist of Portugal. The man said that the decision to launch cryptocurrency to the masses was motivated by the desire to stimulate the growth of society, while giving the owners of the masses themselves:

“PTM has always strived to have a direct connection with our fans. We never felt well charged for Meet & Grets or Signatures and the like. We have been looking for a solution for a long time that would allow us to reach our community, but also give them the opportunity to feel true responsibility for what we do. ”
Rally co-founder Kevin Chu said the PTM Coin release was “the most significant social symbolic artist release” ever held in the cryptocurrency space, and “the first time a global artist has partnered with the community to provide unreleased performances and live recordings. … ”

The blockchain-based fan token concept will have a global victory in 2020. In particular, European football giant Barcelona began experimenting with a social token model in June, which resulted in a $ 1.3 million token sale within two hours.

Source: CoinTelegraph