- American rapper Lil Yachty is launching a fan cryptocurrency dubbed Yachty.
- The token will be developed on Ethereum and will provide holders access to engage with the artist.
Lil Yachty, a 23 years old United States rapper, revealed on Wednesday that he’s launching a cryptocurrency. To achieve this, the young rapper partnered with a Switzerland-based tokenization platform dubbed Fyooz. The social token is being launched as a medium for the supporters to engage with the artist, marking yet another use case for digital currencies in the music industry.
Meanwhile, Lil Yatchy is only the latest and not the first musician to make such a move.
Lil Yachty is launching YachtyCoin
According to the rapper’s tweet, the digital currency – known as YachtyCoin – is seemingly dedicated to his supporters outside the country. The cryptocurrency will be launched on Ethereum. However, there wasn’t any date specified, although the young rapper did mention in his tweet that YachtyCoin will be available soon on the tokenization platform. Once launched, the holders can trade the token for either fiat currencies or services.
Basically, the ownership of the digital currency allows Lil Yachty supporters to access and engage with him. According to Fyooz, artists can lose their relevance without a strong engagement with the audience. However, by launching the YachtyCoin token, the American rapper is strengthening the relationship with his audience, as the cryptocurrency will not only grant that access but appreciable value as he blossoms.
Crypto in the music industry
The rapper’s real name is Miles McCollum. He was nominated for Grammy Award, three VMAs, including three Billboard Music Awards, according to Fyooz. However, the young rapper isn’t the first in the music industry to debut a digital currency. Recently, popular singer Akon announced the launching of his cryptocurrency dubbed Akoin, which will also be used in the crypto-friendly city being developed in his home country, Senegal.
Likewise, Cryptopolitan recently reported a footballer who launched a digital currency to cement their engagement with fans.