The Portland-based musician hopes to create a new paradigm shift for artists and their communities.
Electronic musician RAC has long believed there is a large divide between art and the actual value it provides. With a sea of intermediaries between music artists and fans, including publishers, record labels, and music outlets, RAC believes that music ownership should remain with the art’s creator.
RAC has now launched his very own cryptocurrency (like Bitcoin or Ethereum) via Zora, a cryptocurrency-based marketplace where goods are bought, sold, and traded via “tokens.” RAC’s newly minted token is called $RAC, and the currency is built off of the Ethereum blockchain. RAC is banking on the new venture to inspire a paradigm shift in the way artists are paid, and begin to give the power back to artists and creators rather than third party ownership.
RAC hopes that his new currency will also provide more value to his fans by creating an in-house community that grants exclusive access to various perks and content without the need for monetization through third parties. This means that fans can get access to all things RAC via the currency and, in turn, RAC can achieve a value he believes is justifiable for his work.
The Grammy Award-winning musician has already announced that some of his most loyal supporters from when he began his project in 2009 will retroactively be granted an allotment of $RAC. This will serve as a reward for fans who have continued to support him, giving them first dibs on access to the content that the currency will provide.
To learn more about $RAC and Zora, check out RAC’s official blog post.