Portugal The Man, a Grammy Award-winning artist is the latest to jump on the crypto bandwagon as they will be launching thier own social token “PTM Coin” so let’s find out more about it in today’s cryptocurrency news.
Grammy Award-winning Portugal The Man is going to distribute the token on Rally which is an Ethereum-based social token network with the band hoping to help them establish a “direct connection” with its fans. As the COVID pandemic continues to cancel tours and musicians are struggling to find ways to turn their fans’ adoration into cash and cryptocurrency is the way to do it.
The band is known for its hit single “Feel It Still” is the latest brand to join the crypto bandwagon as it launched their very own cryptocurrency and those that buy their tokens called PTM coins can spend them on different kinds of merch, footage of the band’s gigs and text chats with the band. John Gourley, the lead singer of the band that formed in 2004 said:
“We’ve always favored direct connections with our audiences. COVID has taken a lot of this interaction online, so we’ve been looking for new ways to engage with our audience in entirely digital settings. Crypto gives us the opportunity to do just that.”
The tokens are launching on Rally which is a social token network built on the ETH sidechain as fans can use the tokens through the social media app Discord. Rally is quite different from other token networks like Fyooz and Roll in a few key respects. Rally is built on an ETH sidechain which means that the transactions don’t require validation from the ETH blockchain and it is governed by a decentralized autonomous organization. This means that the bigger holders can vote on who is allowed to mint the social token. Roll and Fyooz are taking a centralized approach and onboard clients one by one so Fyooz even paid rapper Lil Yachty to min Yachty tokens for example.
While Roll and Fyozz offer ERC-20 tokens that have their value determined by secondary markets and list them, the price of Rally’s token is tied to an algorithm. The more coins are in circulation the more expensive it is to purchase the coin. Coins are destroyed once someone tries to cash them with the price reflecting the liquidity on the market. Gourley said that the band chooses Rally because it was recommended by the fans.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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