Portugal. Grammy Award winning band The Man launches fan token at Ethereum blockchain

For the first time in the blockchain world, a Grammy award-winning band will use crypto coin tokens to distribute unpublished material.

The Grammy-winning American pop-rock band, „Portugal. The Man“, has launched a crypto-currency for its fans on the Ethereum-based platform, Rally Network. Known as PTM Coin, the new currency will grant fans exclusive access to various events and benefits, such as a live party, new songs and more.

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Fanatical tokens emerged as a growing trend in 2020, allowing artists and content creators (and even football players) to establish virtual communities through token economies in a chain of blocks.

When Portugal. The Man launches an archive of previously unreleased performances for token holders this Friday, it will be the first time that Grammy award-winning artists will use cryptomoney to distribute new material.

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Portugal. The Man is known for its hit 2017 single „Feel It Still“, which is estimated to have sold 5 million copies in the United States and millions more worldwide. The band was formed by Alaskan natives John Gourley, Zach Carothers, Kyle O’Quin, Zoe Manville, Jason Sechrist and Eric Howk, who now reside in Portland, Oregon.

PTM Coin is hosted on the Rally Network, a digital asset platform built on an Ethereum side-chain that allows artists and content creators to build custom „Creator Coins“.

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John Gourlay, lead singer from Portugal. The man, said that the decision to launch a crypt coin for his fans was motivated by a desire to encourage the growth of the community, while at the same time conferring ownership to the fans themselves:

„PTM has always tried to have a direct connection with our audience. We never felt good about charging for Meet & Greets or autograph signings and things like that, we looked for a solution that would allow us to welcome our community, but also give them the opportunity to experience real ownership of what we are doing.
Kevin Chou, co-founder of Rally, said the launch of PTM Coin was „the most substantial release of an artist’s social token“ in the crypto coin space to date and „the first time a world-renowned group has partnered with its community to offer live, unreleased recordings.

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The concept of tokens for fans based on blockchain was imposed worldwide in 2020. European football giant F.C Barcelona began experimenting with the social token model in June, leading to a token sale of USD 1.3 million that sold out in just two hours.