Gramatik, raised the maximum amount of $2.48 million (7500 ETH) in under 24 hours during his GRMTK token sale in Zurich last week, as he became the first artist in history to ‘tokenise’ his intellectual property. A crowd at X-TRA in Zurich witnessed the moment as Gramatik, alongside SingularDTV, launched the GRMTK token, 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.
Gramatik: “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 apparently sold-out within 24hrs, hitting the maximum contribution amount of 7,500 ETH ($2.48 million) and putting the total value of his GRMTK Entertainment Economy at $9 million, in a possible revolutionary move for artists in both the music and blockchain spheres.
Gramatik: “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 tokenisation, Gramatik is confident that the world-beating stars and luminaries of the music world will have their interest piqued.
Gramatik: “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. 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.”