— 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 folks to earn $POWER by promoting their artwork, NFTs, bodily items, and experiences.
Though particulars across the token are nonetheless imprecise, in keeping with the venture’s website, there will probably be a cap of 10 million cash (3.34 million are at the moment 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 at the moment 44 social currencies on the platform, with the costliest one sitting at $77.62 — rising 87% within the final 24 hours. Known as “Friends with benefits,” it has no description and is unclear what that is used for.
Proudly owning $POWER is proudly owning a bit of Crews, he mentioned, “There’s no different solution to put it. And I wish 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 bit of him” truly entails, though it’s famous that early token holders could have “entry” to to their staff.
“As an early $POWER member, you will have entry to our staff, 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.”
So far, $POWER tokens have been distributed to roughly 100 folks and Crews is partaking with the foreign money’s neighborhood by means of Discord.
The actor hopes to finally add interest-free microloans to artists as one other characteristic of the $POWER token.
“That’s our long-term plan, to turn out to be this factor that this neighborhood can stay and exist in. You can use it wherever you’re — 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 means of an area financial institution to buy a bit of designer furnishings from an artist.
“And I’m watching all these white women and men go me in line, and so they’re taking a look at me unusually,” Crews mentioned. “I’d been standing there for quarter-hour 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 like about this new world of finance is that cryptocurrency doesn’t know what race you’re, how outdated you’re.”
Crews hopes $POWER will put energy again within the palms 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 yr in an effort to offer assist for African influencers to create their very own currencies, and in return, can select to assist the superstar’s numerous enterprise ventures.