American rapper and songwriter Lil Yachty has joined the digital currency market with his own cryptocurrency called “YachtyCoin.” The musician will tokenize himself on Fyooz.io, a social money platform which allows fans to buy access to their favorite artistes and influencers.
Fyooz is a Swiss-based global platform where celebrities and influencers can issue their own cryptocurrency via the process of tokenization on the blockchain. Once tokenized, fans in 136 jurisdictions can download the Fyooz App and with a credit card, can purchase the token, Fyooz said in a statement.
Tokens are exchangeable for other tokens or can be turned back into ‘fiat’ currency. Ownership of a celebrity token allows fans “to participate in access and engage with their favorite stars,” the statement added.
The African-American rapper joins other celebrities who are involved in cryptocurrencies. Celebrities such as The Game, Nas and Senegalese-American rapper Akon are involved in the digital currency market. For example, Nas is an investor in cryptocurrency trading platform Coinbase while The Game is on the advisory board at cryptocurrency startup Paragon, Forbes reports.
The global cryptocurrency market is valued at $575 billion. It is therefore no surprise that more and more celebrities are getting involved in the sector. YachtyCoin, for now, cannot be purchased and traded by U.S. citizens, green card holders, or residents of the U.S.
Lil Yachty has over 10.7 million listeners on Spotify each month, a loyal fanbase of nearly 10 million on Instagram and 5.2 million on TikTok. With his huge following, Fyooz hopes his fans will purchase Yachty’s token.
“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 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,” co-founder of Remo Prinz of Fyooz said.
“And all within a click for those stars who want to deliver this new experience,” he added. “We are very excited to welcome Lil Yachty as a pioneering voice for this new generation, the face of cool and the sound of rhyme.”
“These qualities make Lil a billboard for Fyooz. He remains in constant motion and today instead of aiming to endure the problems existing within old industry models, Lil Yachty has joined with Fyooz to create new methods of getting closer to fans and in so doing creating a new investment paradigm for both fans and stars globally.”