Celebrity tokens are gaining popularity again as Grammy-nominated rapper, Lil Yachty sold out his new social token, YachtyCoin, on Thursday in merely 21 minutes and 41 seconds.
The sale was conducted on the Switzerland-based token platform, Fyooz, and was accessible to non-US buyers. Each token was priced at $15, meaning the rapper raised around $375,000 from the sale.
“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,” Yachty said in a statement.
For all my fans outside the US, I partnered w/ @fyooz_io 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 #fyz https://t.co/NsIQ3AGJBd
— concrete boy boat (@lilyachty) November 18, 2020
The YachtyCoin owners will have access to the rapper, receiving items from his career and participating in one-to-one video events. Additionally, they can receive boxes from Yachty’s mother, Venita McCollum.
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The 23-year-old rapper is now collaborating with the Winklevoss twins’ NFT arthouse platform, Nifty Gateway. In a Twitter teaser, Yachty revealed that the offerings for the new tokens will start at 7 pm on December 15.
Unlike traditional digital tokens, NFTs are different and designed to sell digital art. These tokens are non-fungible, meaning holders cannot swap them for other cryptocurrencies.
— concrete boy boat (@lilyachty) December 10, 2020
The COVID-19 pandemic has damaged the events industry, putting a hold on live events. This problem now prompted the artists to find alternate ways of directly connecting with their fan base, and platforms like Fyooz and Nifty Gateway are tapping that opportunity.
“Todays’ sell out of $YACHTY proves there is 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,” Fyooz’s Remo Prinz said.