Komal Joshi · Oct 21, 2020 . 6min read
Grammy Award Record winning Artist launches $RAC community token powered by Zora
André Allen Anjos releases his community incentive token called $RAC built on Ethereum via Zora.
By Victor Ugochukwu · Oct 2, 2020 . 6min read
André Allen Anjos, better known by his stage name RAC has launched a community incentive token called $RAC via Zora. Announcing this in a recent blog, RAC said he intends to pursue the new paradigm cryptocurrencies affords users facilitating “creative ownership directly between artists and their communities”.
RAC, who is a huge fan of cryptocurrencies in unveiling plans of the $RAC token said:
I want to give to fans who support the RAC project, and who want to build it alongside me
Evidently, $RAC is built on Ethereum, the largest smart contract platform and will be used in rewarding my RAC’s most loyal fans. Fans can claim their tokens using the Zora marketplace. In doing this, fans can only earn $RAC, which will also be distributed retroactively. Hence, RAC’s loyal fans from as far back as 2009, the exact year when Bitcoin, the first cryptocurrency went live are rewarded.
The RAC token has a total supply of 10 million and already has a distribution plan. As per the announcement, 1,545 RAC’s Bandcamp supporters shares 25,000 $RAC tokens. For fans/supporters who bought RAC merch, they will split another 25,000. RAC’s Patreon supporters will also get to share 200,000 units. EGO holders, which launched in 2016 via an ICO and sold out in less than 29 minutes, also benefits. They get 14,000 $RAC tokens as incentives.
Already, the industry is fraught with stories of tokens which rose from nothing to some nice amount in valuation. As a way of encouraging his Patreon subscribers, the artist will start distributing 50,000 RAC per month pro-rata. Additionally, RAC released TAPE earlier this year which is available on Zora. Hence, users can redeem 1000 RAC for every 1 TAPE.
$RAC token is another bold move to harness the power of blockchain technology to remedy the broken artists and corporations (mostly record labels)
Artists complain of exploitation most especially from their record labels who tend to force them to endure predatory contracts. Kanye West spoke recently about this in an attempt to shake up the music industry. The blockchain is a perfect fit for cutting away middlemen using its peer-to-peer approach. Hence, fans and supporters can interact with their artists directly in the music industry.
This is what $RAC token affords Zora community. Therefore helping “artists and communities take ownership of the value they create” like RAC aptly said.
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