Grammy Award-winning American pop-rock band “Portugal. The Man” has launched a fan-focused cryptocurrency on the Ethereum-based Rally Network. Known as PTM Coin, the new token will reportedly grant fans exclusive access to various events and perks, including a livestream party, previously unreleased songs and more.
Fan tokens emerged as a growing trend in 2020, allowing artists and content creators (and even soccer players) to build virtual communities through token economies on the blockchain.
When Portugal. The Man releases an archive of unreleased performances to tokenholders on Friday, it will mark the first time Grammy Award-winning artists have used cryptocurrency to distribute new material.
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.