One month has passed since Gramatik announced his very own cryptocurrency, alongside the release of his fourth EP project, Re:Coil Pt. 1. In so doing, the technologically inclined electro-funk producer made a historic move in becoming the first artist to have his intellectual property tokenized, thereby creating a new funding model for artist-fan relationships.
“Embedded in the GRMTK token is not only the rights and royalties of my creations, but the ideals and philosophy of freedom and liberty for all artists, for all people. This is a movement of not only art, but of the mind and of the spirit.”
At the 24-hour launch party for his GRMTK coin, which took place in Zurich on November 9, Gramatik raised $2.48 million (7500 ETH). 25% of the total tokens were released in the token sale, and sold-out within 24hrs, putting the total valuation of his burgeoning GRMTK entertainment economy at $9 million. Fans purchasing coin shares will now have a stake in the revenue of his work as he produces music and scores films.
“GRMTK isn’t just a cryptocurrency, it’s much more than that, now my audience can share in my inspiration and…anything I create and distribute on my upcoming channel.”
Gramatik hopes to revolutionize the music and blockchain spheres, showing the world the fundraising potential of artist tokenization. “Even the big names with massive worldwide fan bases like Skrillex have an interest in creating without intermediaries, getting rid of major labels when they’re not helping,” says Gramatik.
Watch the launch party livestream (above) via the decentralized entertainment channel, Singular DTV.