Award-winner musician Andre Anjos has released its own token named $RAC over the Ethereum network. The community token will promote “autonomy for artists.”
$RAC Token
Portland Musician is also known as RAC, and the token is called $RAC, which will be earned in different ways. Artists are normally dependent on third parties such as platforms and agents which play different manipulations. With a community token, artists will have a direct relationship with their fans without relying on a third party. What’s more, they will have more control over their creations.
Grammy award winner Anjos said:
“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. This new paradigm is what I want to pursue with $RAC and I want to put it in the hands of my existing fans and community.”
The community token $RAC is built on Ethereum, but Anjos is also working with Zora that helps artists to take ownership of the value they create. “$RAC is a token built on Ethereum that I want to give to fans who support the RAC project, and who want to build it alongside me. By rewarding my most loyal fans, we can create a community where tokens unlock access to various perks and exclusive content,” he added.
10 Million RAC at Genesis
In the blog post, he lays out the distribution pattern of $RAC tokens. At the start, there will be $10 million $RAC, and a major portion of these tokens will be given to active fans. However, it is clearly mentioned on the site that no one can buy the community token but to earn it.
He announces that 25,000 $RAC will be distributed among 1,545 Bandcamp supporters, while 25,000 $RAC will be given to 219 supporters “who bought RAC merch.”
“Simply create or login to your Zora account and claim the $RAC tokens in your wallet. $RAC is freely transferable, meaning the tokens can be withdrawn to popular Ethereum wallets like Metamask or Coinbase Wallet directly from your account page,” he explained.