— terry crews (@terrycrews) March 10, 2021
Speaking to TechCrunch, Crews mentioned that the foreign money is a method to empower artists. His imaginative and prescient for the foreign money is for individuals to earn $POWER by promoting their artwork, NFTs, bodily items, and experiences.
Though particulars across the token are nonetheless obscure, based on the venture’s website, there will likely be a cap of 10 million cash (3.34 million are presently in circulation). The founders, being Crews, Michael Peña (recognized for Shooter, Tower Heist, Battle: Los Angeles, and lots of different movies), and Dakota Xentaras, “will pool the foreign money onto some mainstream exchanges (Uniswap) to find out its preliminary market providing and reward early $POWER members and adopters.”
The platform Crews is utilizing to launch his social cash, Roll, raised $2.7 million in funding in late 2020, and with round 300 creators, has already surpassed a $1.5 billion market cap.
Powered by Ethereum, Roll permits people to create their very own ERC-20 tokens to assist the creator get nearer to followers and customers. There are presently 44 social currencies on the platform, with the costliest one sitting at $77.62 — rising 87% within the final 24 hours. Referred to as “Friends with benefits,” it has no description and is unclear what that is used for.
Proudly owning $POWER is proudly owning a chunk of Crews, he mentioned, “There’s no different option to put it. And I need to be very cautious about who’s holding me, no puns meant.”
Crews is but to disclose the true extent of what “proudly owning a chunk of him” really entails, though it’s famous that early token holders can have “entry” to to their crew.
“As an early $POWER member, you will have entry to our crew, and a hand in serving to form the world of $POWER and the way it serves artists (learn: you) within the digital and bodily market.”
Up to now, $POWER tokens have been distributed to roughly 100 individuals and Crews is participating with the foreign money’s group by Discord.
The actor hopes to ultimately add interest-free microloans to artists as one other function of the $POWER token.
“That’s our long-term plan, to develop into this factor that this group can reside and exist in. You possibly can use it wherever you might be — at Goal, the grocery retailer.”
The drive for this new ecosystem reportedly comes from an expertise the actor had about 4 years in the past in Milan, Italy. He was unable to entry a few of his cash by an area financial institution to buy a chunk of designer furnishings from an artist.
“And I’m watching all these white women and men cross me in line, and so they’re taking a look at me unusually,” Crews mentioned. “I’d been standing there for 15 minutes and it slowly dawns on me that as a result of I’m Black, I used to be not going to get my cash. That was the second I knew every part needed to change for me.”
“Bringing it up nonetheless makes me offended,” he mentioned. “What I really like about this new world of finance is that cryptocurrency doesn’t know what race you might be, how outdated you might be.”
Crews hopes $POWER will put energy again within the arms of artists and creators, he defined.
Well-known rapper Akon, who’s making a foreign money for a technology city in Kenya, partnered with Roll final 12 months in an effort to offer assist for African influencers to create their very own currencies, and in return, can select to assist the celeb’s numerous enterprise ventures.