Ethereum’s culture scene has boomed in 2020 thanks to an explosion of activity around NFT art, social money, and beyond. Some major mainstream creators have been paying attention accordingly.
No one fits that bill better than award-winning musician and producer André Allen Anjos, whose stage name is RAC. In recent months, RAC’s participated in all kinds of projects around the Ethereum ecosystem and even released an innovative $TAPE offering therein.
As such, RAC knows the insides of the mainstream music industry as well as anyone, yet he’s also a crypto-native DeFi user that’s well acquainted with Ethereum’s new avenues for empowering artists. Now, the acclaimed DJ is putting that knowledge to good use via the $RAC token.
On October 1st, RAC announced $RAC, a community token to be powered by Ethereum-based, limited-edition goods marketplace Zora.
The idea with the project is to create a new avenue for RAC to capture the value of his creativity while simultaneously empowering his supporters, the artist explained:
“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.”
That said, the core vision for $RAC includes:
- Rewarding loyal fans who help build the RAC ecosystem
- A tokenized community, e.g. a private Discord, with unlockable perks and content
- $RAC only being earnable, not purchasable
- Usable for RAC merch discounts
- Being spendable for tokenized ad space on RAC’s Twitch account
“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,” RAC said.
Out of the gate, 10 million $RAC have been created. The “vast majority” of these will be…