Portugal The Man is launching a brand new crypto token to help the band.
The COVID-19 pandemic has impacted the reside music trade in untold methods. Musicians and bands are left reeling with find out how to take care of being unable to tour or carry out. Whereas some indie artists are turning to reside streaming on Twitch and Instagram, others are turning to blockchain know-how.
At present, Portugal The Man launched their very own cryptocurrency. The crypto tokens are known as PTM cash, and they are often spent on merch, unreleased footage from the band’s previous gigs, a reside stream get together, video chats, and textual content chats. The band is hoping the crypto token will facilitate a direct reference to its ultra-fans.
“We’ve at all times favored direct connections with our audiences,” says lead singer John Gourley. “COVID has taken a whole lot of this interplay on-line, so we’ve been in search of new methods to interact with our viewers in fully digital settings. Crypto offers us the chance to do exactly that.”
The PTM tokens will launch on Rally, a social token community that makes use of an Ethereum sidechain. Followers can alternate and commerce the tokens by way of Discord, a social chat program. So how does the PTM token differ from a number of the earlier tokens within the area?
Rally is completely different from different platforms like Fyooz, which paid for rapper Lil Yachty to mint Yachty Token. Rally is ruled by a decentralized autonomous group (DAO), and Rally’s token costs are decided by an algorithm. That’s completely different than companies that provide ERC-20 tokens whose worth is set by secondary markets, not the issuer.
Portugal the Man crypto cash are destroyed at any time when anybody cashes them in to purchase one thing. The worth of the cash displays the liquidity out there on the Rally market. At launch, the tokens will value about $1. Gourley says the band selected Rally as its accomplice for the enterprise based mostly on suggestions from followers.
Portugal. The Man inherited 50,000 tokens firstly of the venture. The tokens are designed to be held by the band long-term. Gourley says he’s excited concerning the new income chance and bringing his followers alongside for the journey. The band has gifted 1000’s of cash to a few of its greatest supporters and says it’ll proceed to take action.
With Yachty Coin and PTM token right here to help their respective artists, is the crypto bubble again? Looks like it. These tasks are meant to help artists and to present hardcore followers entry to new unreleased content material. It’s a brand new, experimental income stream that will or could not pan out.