Lil Yachty, Grammy-nominated American Rapper announced on Twitter that he has partnered with a Switzerland-based token platform, Fyooz to launch his own cryptocurrency. Yachty became the latest artist to enter the world of social tokens.
The rapper did not disclose the date of the launch but said that the coin is coming soon on the Fyooz app. Dubbed YachtyCoin, the new Ethereum-based cryptocurrency token will be available for trading after the launch. Yachty can accept this coin as currency and make it redeemable for goods and services.
Lil Yachty, whose real name is Miles McCollum, is not the first artist to launch his own cryptocurrency, singer Akon announced earlier this year to launch his cryptocurrency Akoin and added that Akoin will be used in Akon City, a 2,000-acre development in Senegal.
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In an official announcement on Twitter, Yachty said: “For all my fans outside the US, I partnered with Fyooz 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.”
According to Fyooz, global celebrities and influencers are showing great interest in cryptocurrencies. The Swiss-regulated platform added that the company has already tested the celebrity token structure with local influencers. “Without being able to connect with their audiences live, performance artists will lose not only revenue but also appeal. Artists run the risk of no longer being in front of mind and relevant. But, Fyooz cements the relationship by way of a token which represents access, rights, and in the end, appreciable value. And all within a click for those stars who want to deliver this new experience. We are very excited to welcome Lil Yachty as a pioneering voice for this new generation,” Remo Priz, Co-founder at Fyooz, said in a statement.
Lil Yachty has more than 10 million Spotify listeners along with 9.8 million Instagram followers. Furthermore, the rapper has 4.2 million Twitter followers.