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. As music fans seek digital alternatives to accessing their favorite performers, and desperate for alternatives to traditional investment vehicles, is this setting the stage for the mainstream adoption of digital assets?
The Breakdown You Need To Know:
Yachty’s Ethereum-based token will debut on the swiss-based platform Fyooz. These new social tokens are all the rage recently, since it allows rappers and influencers alike to accept these coins as currency, redeemable for goods and services. Yachty is one of the most followed social influencers today, followed by 9.8 million followers on Instagram, 4.2 million on twitter, 5.2 million followers on Tik Tok and 10 million plus listeners on Spotify. Ownership of a token can effectively give his millions of loyal fans a stake in his career, as well as privileges that they wouldn’t otherwise receive, CultureBanx reported.
On Twitter the rapper wrote “If you want to buy access to me, YachtyCoin is coming soon.” He joins a host of other celebrities involved in cryptocurrencies. For example, Nas is an investor in cryptocurrency trading platform Coinbase. The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry.
Social Currency: Other social token companies include Roll, headed by former Coindesk analyst Bradley Miles that was founded last year. Then there’s Rally, a social-token platform that lets the community choose who can vote. Roll has signed up rappers Akon and Ja Rule.
Let’s not forget that Akon grabbed headlines with his plans to build a cryptocurrency city earlier this year. He’s started construction on the $4 billion Akon city, a “futuristic cryptocurrency themed city” that will exclusively use the “Akoin” digital currency.
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Blockchain advocates believe that tokenization could be a vital lifeline for the music industry. The rapper did not disclose the date of the launch but said that the coin is coming soon on the Fyooz app. Presently the platform may not be used by people located in the United States.