Grammy nominated rapper Lil Yachty is dipping his toes into the cryptocurrency water by tokenizing himself with his own “YachtyCoin” to cash in on the $509.5 billion global crypto market. The “social token” arena Yachty will be participating in has become very popular with cryptocurrencies bearing influencer’s names trading on centralized exchanges.
For all my fans outside the US, I partnered w/ @fyooz_io to make history. My lawyer is making me disclose that I’m being paid 🤷♂️ If you want to buy access to me #YachtyCoin is coming soon only on the Fyooz App #fyz https://t.co/NsIQ3AGJBd
— concrete boy boat (@lilyachty) November 18, 2020
The rapper’s Ethereum-based token will be introduced on the Swiss-based platform Fyooz. Yachty is banking on his cult-like following—which translates to nearly 20 million social media followers and 10 million Spotify listeners—to gravitate to the coin. Taking ownership of a “YachtyCoin” will basically make the fans a shareholder/investor in Yachty’s career. Additionally, they will receive access and privileges that the average listener won’t be able to access.
The initial sale of 25,000 $YACHTY coins on Fyooz App was sold out in 21 minutes and 41 seconds!
The initial sale of 25,000 $YACHTY coins on @fyoozapp was sold out in 21 minutes and 41 seconds! 🚀@lilyachty you are now officially a crypto coin! ⛵️congratulations on this avant-garde move and welcome to the future. 👊#fyooz #WeAreSocialMoney $FYZ $YACHTY pic.twitter.com/aG0XXt9bDG
— Fyooz (@fyoozapp) December 10, 2020
Yachty isn’t the first rapper to venture into cryptocurrencies. Nas is an investor in the cryptocurrency trading platform Coinbase while The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry. Also, Akon has leveraged his celebrity and knowledge of cryptocurrencies to create his Akon City which will operate on his Akoin currency.