Bitcoin, Dogecoin, Litecoin, and now, PTMCoin. The Grammy-Award winning, Portland-based band Portugal. The Man have created a cryptocurrency that will be exclusively used by their fanbase in order to purchase exclusive video, music, and merchandise, as reported by VentureBeat.
Portugal. The Man’s Zach Carothers shared that the cryptocurrency will allow fans to access unreleased music, live shows, and various items of unreleased merchandise on a regular basis. In addition, PTM Coin will allow fans access to live video and text with the band, among other exclusive perks. PTM Coin will be offered and distributed via Rally, a social token network that helps brands and creators run their own virtual economies. This marks the first time that a Grammy-winning artist will be using a cryptocurrency as a way to distribute unreleased material.
Rally shares that the use of cryptocurrency in this manner will be mutually beneficial to both the brand and their respective fanbase. The fanbase will be able to either immediately spend the coin on exclusive material or hold onto the digital coin in hopes of a rise in value, just as major cryptocurrencies like Bitcoin operate.
However this relationship between Rally and creators like Portugal. The Man works out, it is an interesting development into the world of cryptocurrencies and how they affect the way we operate in our day to day society. You can purchase and check the value of PTM Coin here and find the newly launched PTM server on Discord here.