Rapper Lil Yachty is making a splash in the cryptocurrency world with his own personal venture.
This week, the Grammy-nominated artist became the latest celebrity to try his hand at the $509.5 billion-valued global crypto market with the launch of his very own self-named currency, the “YachtyCoin,” Forbes reports.
According to Complex, the newly-introduced currency will act as a “social token” in his name, popularity, and influence that will be offered up as leverage to purchase his work through the coin.
Lil Yachty’s Ethereum-based token will reportedly debut on Fyooz — a “fully compliant, Swiss regulated, global platform where celebrities and influencers can issue their own cryptocurrency via the process of tokenization on the blockchain,” according to a statement from Fyooz.
The global pandemic has placed a huge strain on the music industry this year. Social distancing rules has forced it to pivot to creative tactics that offer artists alternate forms of generating revenue where live in-person performances cannot occur.
In regards to the benefits of this new venture for artists, Fyooz co-founder/CEO Remo Prinz issued the following statement:
“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. 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, 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.”
Yachty’s hopes for his new coin are that his cult-like following of fans will gravitate toward it. Forbes reports that by investing in “YachtyCoin,” fans will be able to take ownership of the crypto-coin and become shareholders/investors in Yachty’s career with special access and privileges.
According to Forbes, the rapper tweeted this week “If you want to buy access to me, YachtyCoin is coming soon.”
With music fans seeking out alternate ways to digitally access their favorite artists, this new addition to the crypto market could alter traditional investment vehicles and the mainstream process of acquiring online content.
Forbes also shares that Yachty joins a host of other celebrities with ties to the cryptocurrency world, like rapper Nas who’s an investor in crypto trading platform Coinbase, and The Game who serves on the advisory board at cryptocurrency startup Paragon.
For more information about Yachty’s new venture, click here.