If you’re a fan of contemporary music, chances are you’ve likely heard a great deal about “cryptocurrency,” “NFTs,” and “blockchains” in the past weeks. For example, the popular band, Kings of Leon, recently announced that the band would release its most recent LP as an NFT, or a “non-fungible token.” Another popular act at the center of this moment is Grammy-winning, Portland, Oregon-based Portugal. the Man. The band recently released its cryptocurrency, PTM Coin, the first group to do such a novel thing.
What’s an NFT?
While all this seems strange and brand new, in another way the concept is relatively simple. People are now making unique digital assets. The non-fungible token designation implies that a piece of digital property is one-of-one. In the world of sports, NBA Top Shot has introduced basketball highlights as NFTs. This means fans can buy, sell, and trade digital highlights like kids in the ’80s and ’90s bought, sold, and traded tangible basketball cards.
It’s a brave new world. “To me,” says Portugal. the Man’s bassist, Zach Carothers, “it’s the way of the future. Building a community, building a commune and commerce, trading with each other around a common goal.”
Cryptocurrency as Engagement Tool
When it comes to contemporary acclaimed popular groups, Portugal. the Man is one of the most conscientious. The band recently launched the PTM Foundation. It aims to help indigenous people in Alaska, where both Carothers and the band’s frontperson, John Baldwin Gourley, grew up, met, and became friends. The band decided to launch its cryptocurrency as a means to engage its fans. It was crucial to not gouge them with traditional flimsy-though-expensive fan club offers.
“Growing up in Alaska,” Carothers says, “you just get a very strong sense of community. Everybody takes care of everybody up there.”
“It’s something that you have a part in. If we do well, the fans do well. It’s a win-win.”
-Zack Carothers
Makes the World Go Round
Currency is a nuanced concept. In one way, currency helps to make the world go round, facilitating transactions. In another way, it’s entirely fabricated. Cryptocurrency is no different. PTM Coin, as a result, has a fluctuating value, like all currencies. It goes up or down depending on activity, transactions, how many people own it and use it, and how the band itself is doing.
It’s easy to imagine how another Grammy could influence the value of PTM Coin. In that way, it’s akin to investing in a band, almost like buying its stock. If, say, one million new fans all bought PTM Coin tomorrow, that likely would increase its value.
“It’s something that you have a part in,” Carothers says. “If we do well, the fans do well. It’s a win-win.”
“It’s another way to contribute to the community. We all have a part in making the new world.”
-Zack Carothers
Holding Value
The assets investors receive from PTM Coin will also hold value. Embedded in the PTM Coins will be potential codes for exclusives. These include livestreams, tickets, fan archives, visual art, special merch drops, and new music. Indeed, the sky is the limit. What bands offer and what fans expect from their coins will evolve as the technology becomes more understood and utilized.
“It’s another way to contribute to the community,” Carothers says. “It makes it more about everybody involved.”
Those interested can buy PTM Coin at Rally.io. Since its release, PTM Coin has increased in value (albeit somewhat marginally), which is a positive sign for its prospects. As bands, fans, and the industry look forward, NFTs, blockchains, and cryptocurrencies may become as normal as guitar solos.
“We all have a part in making the new world,” Carothers says.
