RAC – a grammy-winning producer – has partnered with collective creation internet-scale Zora to launch a community token called $RAC.
Today we’re launching something completely new. ?
It’s called $RAC – a community token by @ourZORA. Built on ethereum. https://t.co/M21podj0g8 pic.twitter.com/9YXY8JYGbN
— RAC (@RAC) September 30, 2020
Fans and supporters of the RAC project will soon be able to claim $RAC tokens – a rewards vehicle used to better engage fans for their past and future support.
$RAC will be claimable later today, rewarding the following supporters:
- 200,000 to 152 existing Patreon supporters
- 150,000 to Twitch supporters (soon)
- 100,000 for $TAPE redeemers
- 25,000 to 1,545 Bandcamp supporters (dating back to 2009)
- 25,000 to 219 merch buyers
- 14,000 to EGO token holders
In the future, 50,000 RAC will be distributed per month across all Patreon subscribers.
“My hope with $RAC is to break down that barrier in-between artist and fan and collectively build a better system where we all benefit” RAC noted. “Maybe it’s idealistic, I dunno, but the current system is fundamentally broken and we need to try something different”.
The token was launched in partner with Zora – a set of tools to helps creators capture the value of their work, share it with their communities, and ultimately provide a new way for artists and communities to create together. Following the release of $TAPE – a tokenized limited edition cassette tape dropped around the release of the BOY album – $RAC is the continuation of ongoing partnership to leverage web3 tooling to better engage both crypto and non-crypto supporters.
“I’m not one for hyperbole, but today marks the dawn of a new creative paradigm—one owned by creators and their communities.” Zora founder Jacob Horne told DeFi Rate. “Ande is an incredible pioneering creator, he was the first to drop on Zora, and now he is the first to launch his community token—showing the way for all of the current and future artists we’re working with. We’re humbled to be working Dre and his team to bring $RAC to the world, and are excited for what’s to come.”
Why Should I Care?
The launch of $RAC comes in tandem with a rising wave of social tokens, or tokens backing an individual, brand, or community.
We first covered the topic with $ALEX, $KERMAN, and $WHALE, and have since seen an explosion in a sector that leverages DeFi composability for easier onramps and users tooling.
“Say goodbye to the creative industry, and hello to the creative economy.” stated Zora.
While the tooling of the rising sector is still quite nascent, many are flocking to the CollabLand bot as a means of offering token-permissioned access to community members holding a certain amount of tokens.
With $RAC, those who hold more than 100 tokens can join a private Discord channel preceding benefits like early access to merch and unreleased content.
If nothing else, the reception around $RAC goes to show that social tokens are a sector that’s here to stay, and one that we’re keeping a close eye on.
To stay up with $RAC, follow RAC and Zora on Twitter.
Disclaimer: I am working closely with RAC on the rollout of the token and the ongoing distribution to value-added fans.
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.
