Name Price24H (%)
Bitcoin (BTC)
$32,911.00
3.39%
Ethereum (ETH)
$1,255.58
6.73%
XRP (XRP)
$0.277953
2.87%
Litecoin (LTC)
$140.44
2.55%
Rapper Lil Yachty Sells Out Social Token in 21 Minutes
News

Rapper Lil Yachty Sells Out Social Token in 21 Minutes



Twenty-one minutes and 41 seconds, that’s how long it took for American rapper Lil Yachty’s new social token, $YACHTY, to sell out on Thursday. The token was listed on social money platform Fyooz, where buyers, most likely fans of the rapper, bought $YACHTY for $15 each. 

“I’m still new and learning about the crypto world, but I can tell you I’m partnering up with some very smart people to give my fans some dope experiences,” Lil Yachty said in a statement. 

The sale is the latest in a recent string of experiments involving social tokens, a way for artists and other personalities to potentially monetize fan engagement as the events industry reels from COVID-related shutdowns. Yachty’s offering, which was only open to non-U.S. investors, captured mainstream media attention earlier this month.

According to the Fyooz app, the sale brought in $276,006. Owning $YACHTY gives fans exclusive access to the Grammy-nominated artist, including surprise boxes prepared by his mom, Venita McCollum, author of the book “Raising a Rapper.”


Ledger Nano X - The secure hardware wallet

Token owners can also receive personal items from the rapper’s career and participate in online parties with him, according to Fyooz. 

The $YACHTY sale comes as other social token platforms have toyed with high-profile collaborations. Rally drew chart-topping Christian vocal trio Selah into the fold with a similarly structured fan engagement token earlier this month. Earlier this year, Roll inked a deal with rapper Ja Rule.

Remo Prinz, co-founder of the Zurich-based Fyooz (pronounced “fuse”), said Thursday’s sale was a sign of “growing demand for social money.”

“We are at the forefront of a new type of economic relationship between artists, actors, athletes, gamers and influencers to engage their fans,” Prinz said in a statement.

Source: CoinDesk.com

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.