Few events from the Crypto-Space have recently caused so much resonance in the mainstream media: the first load of $YACHTY, the new one Sign by rapper Lil Yachty, sold out on December 10th in just 21 minutes and 41 seconds.
Yachty offers his Sign about the Crypto-Platform Fyooz. Their business principle is to provide various artists and… Social media-Personalities new financing options Sign to provide. The $YACHTY is also a so-called social token. Its purchase guarantees fans exclusive access to their star. They cost $15 each. So far, Fyooz has brought a quarter of the total to Yachty fans. The American rapper and influencer said:
I’m still new and learning about the crypto world, but I can tell you that I’m working with some very smart people to give my fans some dope experiences.
Social tokens and the pandemic
The option of making a profit from contact with fans wins under the auspices of the corona-Pandemic has an unexpected significance. Fyooz co-founder Remo Prinz commented on this in a statement from November 18th:
Without the ability to engage live with their audiences, performance artists not only lose revenue, but also appeal. Artists run the risk of no longer being at the forefront and relevant. But Fyooz cements the relationship through a token that represents access, rights and ultimately appreciable value.
It’s hardly surprising that the purchase of $YACHTY gives fans the opportunity to meet the rapper online. But that’s not all. Because Yachty already has the next one Sign-Project in the pipeline: On December 15th, the rapper will release an NFTSign on Nifty Gateway, the Crypto-Winklevoss twins’ art platform. What lies behind it is not entirely clear. The announcement video coupled with the special features are not more fungible Sign suggests, however, that it will be music. There have already been some precedents for this in recent years.
Rappers in the crypto world
Meanwhile, Lil Yachty isn’t the only rapper trying his luck in the Sign-Tried economics. Yachty’s colleague Akon should be mentioned as a striking example here. The hip-hop and R&B star with Senegalese roots is so impressed by the value proposition Blockchaintechnology convinces him to have an entire crypto city built in his homeland. Akoin, the Cryptocurrency of the musician, acts as the primary Means of payment. Akon hopes that Akoin will one day become the most used transaction medium in Africa.
The SignThe rapper TI’s adventure, however, ended less happily. An initial coin offering in which the musician was involved aroused the displeasure of the USSecurities and Exchange Commission Securities and Exchange Commission. As a result, TI had to pay a fine of $75,000.
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