Grammy Award-winning DJ and electronica artist RAC has announced that he has launched his own cryptoasset – a community Ethereum network token he has dubbed the $RAC.
In a blog post, the American DJ, real name André Anjos, wrote,
“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.”
The artist, who was nominated for back-to-back Best Remix awards at the Grammys in 2016 and 2017, scooping the 2017 gong, stated that he was working with crypto-themed marketplace Zora on the release and circulation of the new token.
He waxed lyrical about the power of crypto, writing,
“Crypto enables communities to capture the value they create instead of being monetized by pre-existing platforms and $RAC is an active experiment pushing the envelope on these primitives.”
However, RAC has indicated that he is not looking to ask fans to buy tokens – and will instead distribute them to his most loyal supporters as a form of reward. The $RAC token, he added, would help “unlock access to various perks and exclusive content.”
An initial 10 million tokens are slated for release, with a group of 1,545 Bandcamp supporters set for a windfall. RAC merchandise buyers and Twitch supporters will also receive tokens.
And there will also be perks for RAC fans who pay Patreon subscriptions: These loyal individuals will receive a cool RAC 50,000 per month on a “pro-rata” basis.
And it appears that this is just the tip of the crypto iceberg for RAC – who said he is now working on adding “tokenized ad space” to his Twitch channel, as well as discounts on RAC-themed merchandise for $RAC holders.
Learn more: Tokenization Getting Personal With New Opportunities and Old Dangers