Gramatik raises 7,500 ETH ($2.48 million) in grmtk token sale
As cryptocurrency continues to evolve, Gramatik adopts tokenisation in an epic way.
Soon the word ‘cryptocurrency’ will be added to the dictionary, ridding it of the red ‘spell mistake’ squiggle.
Anyways, breaking news comes as funk/soul electronic maestro Gramatik becomes the first artist ever to tokenise his intellectual property.
This allows people to buy GRMTK cryptocurrency tokens that represent his IP, therefor giving them a certain amount of rights to his royalties thus creating a symbiotic relationship between fan and artist in a decentralised manner.
In under 24 hours, he sold 25% of his tokens, raising 7 500 ETH ($2.48 million).
This takes the total value of the GRMTK token ecosystem to $9 million.
How it works is that:
If you own 100 GRMTK tokens, you won 100 tokens worth of the rights and royalties of the music and projects Gramatik makes, which is a revolutionary move.
Singular DTV is responsible for allocating rights and royalties through decentralised applications.
“GRMTK isn’t just a cryptocurrency, it’s much more than that, now my audience can share in my inspiration and success by also owning the rights and royalties of my music and anything I create and distribute on my upcoming channel. If you hold 100 GRMTK tokens, then you own 100 tokens worth of the rights and royalties of the music and projects I create”
“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.”
Artist tokenisation has massive fundraising potential, which will no doubt pique the interest of musicians of all calibres.
“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.
Check out the live stream of Gramatik token launch.