Groundbreaking producer and technological advocate, Gramatik, raised the maximum amount of $2.48 million (7500 ETH) in under 24 hours during his GRMTK token sale in Zurich on November 9th, 2017, as he became the first artist in history to ‘tokenize’ his intellectual property–meaning, he created his own form of cryptocurrency that will represent his IP. For those of you still learning about cryptocurrency, it can best be defined as a digital or virtual currency that uses cryptography for security, making it difficult to counterfeit, that is not issued by any central authority, rendering it theoretically immune to government interference or manipulation, according to Investopedia.
A packed crowd at X-TRA in Zurich witnessed the historic moment as Gramatik, alongside SingularDTV, launched the GRMTK token (kind of like a “bitcoin”, but not), creating a new model for funding and artist-fan relationship. The GRMTK token represents the intellectual property of Gramatik, with those purchasing tokens entitled to a share in the revenue of his work as he produces music and scores films–basing the entire transaction on support, faith, and loyalty.
Gramatik explains in a press release, “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.”
25% of the total tokens were released in the token sale, and sold-out within 24hrs, hitting the maximum contribution amount of 7,500 ETH ($2.48 million) and putting the total value of his burgeoning GRMTK Entertainment Economy at $9 million, in a revolutionary move for artists in both the music and blockchain spheres.
Gramatik continues, “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.”
Now that the world has seen the fundraising potential of artist tokenization, Gramatik is confident that the world-beating stars and luminaries of the music world will have their interest piqued. “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. “They just need to see actual progress, that it’s not just a theory. When they see that, I won’t even need to convince them. They’ll see for themselves. Then I can see widespread adoption.”