Music On The Blockchain: RAC Issues A New ERC20 Ethereum Based Token

Grammy award-winning music creator André Anjos is the latest artist to tap into the cryptocurrency space. Better known by his stage name RAC, Anjos has launched a new Ethereum based community token for artists.

The token is also named RAC. With it, the music producer intends to free artists and content creators from the clutches of large-scale corporations that stifle their financial freedom.

RAC Gives Back To The Community With Ethereum Based $RAC

In the RAC token issuing platform Zora’s latest blog post, André expressed how artists across multiple disciplines have been blatantly exploited by intermediary corporations. How their creativity has been a butt of overbearing contracts that rip through the essence of ‘creative ownership,’ and that the time is ripe for a ‘change.’

RAC added that he has been an ardent lover of the cryptocurrency ecosystem and that he believes crypto’s use-case scenario extends much beyond the financial domain, and that $RAC will foster and give shape to that dream

…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.

How Will $RAC Give Shape To Artistic Freedom?

RAC is an Ethereum-based ERC-20 token that has to be earned. No one can buy it, André said in a tweet.

You won’t be able to buy $RAC, only earn it.

— RAC (@RAC) September 30, 2020

And who can earn RAC? According to the Grammy-winning artist, only ‘fans who support the RAC project, and who want to build it alongside’ him.

Rewarding his ‘most loyal fans’ with RAC would lead to the creation of an active community, he said. A community that can leverage cryptocurrency tokens to access ‘various perks and exclusive content.’ He added:

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.

Not The First Crypto Project For Andre

RAC is not the first cryptocurrency venture for RAC. With Zora by his side, André tokenized 100 ‘limited’ cassette tapes of his last album BOY with a token called ‘TAPE’ earlier this year. 1 TAPE token gets the buyer one physical tape.

Soon after it’s launch on Zora, the ERC-20 crypto token’s price took off and is now apparently the costliest cassette tape ever sold.

$TAPE is apparently the most expensive cassette tape of all time. I’m speechless. Thank you. 😮 pic.twitter.com/cQcZYXWw9u

— RAC (@RAC) September 30, 2020

Featured image courtesy of AChicagoThing