- Grammy award-winning musician Andre Anjos has released an Ethereum token.
- The token, $RAC, can be earned in multiple ways.
- Anjos says he aims to give artists more ownership over their creations.
Andre Anjos, a Portland musician better known as RAC to his fans, has launched a new community token called $RAC.
Artists like Anjos have long had to rely on third party intermediaries like platforms and agents to make a living in an unforgiving industry. Like other industries in the crypto space, there is a demand for greater personal control over finances in the art industry. And now, tokens like $RAC will help to promote that autonomy for artists.
“I’ve been fascinated with crypto for years and its applications beyond currencies, and believe that it can create a new paradigm for creative ownership directly between artists and their communities,” said Anjos, in a blog post.
The new community token is being built on the Ethereum platform. Anjos is also working with Zora, a marketplace to buy, sell and trade limited edition goods launched as tokens, because he believes in their project.
“I share their belief in the new paradigm they are building, and their mission to help all artists and communities take ownership of the value they create,” he added.
At genesis, there will be 10 million $RAC, the vast majority of which will be distributed over time to active fans. Buying $RAC isn’t possible, but those who want in on the new token can earn their place via a number of different methods.
In the $RAC announcement, Anjos said 25,000 $RAC will be split between 1,545 Bandcamp supporters, and another 25,000 $RAC will be split between 219 individuals that have purchased token merchandise.
In addition, 200,000 $RAC will be split between 152 existing Patreon supporters, and 14,000 $RAC will go to EGO token holders. Not to be left out, 150,000 $RAC tokens will be going to Twitch supporters.
Maybe DeFi can go mainstream after all.