Few events from crypto-Space have caused so much resonance in the mainstream media lately: The first batch of $YACHTY, the new Sign by rapper Lil Yachty, sold out in just 21 minutes and 41 seconds on December 10th.
Yachty offers his Sign about the cryptoplatform Fyooz. Their business principle is to support different artists and social media-Personalities new financing options per Sign to provide. The $YACHTY is also a so-called social token. Its purchase guarantees fans exclusive access to their star. It costs $15 each. So far, Fyooz 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 guys that I’m collaborating 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 sign of corona-pandemic an unexpected meaning. Fyooz co-founder Remo Prinz in a statement from November 18th:
Without the ability to connect live with their audience, performance artists not only lose revenue but also lose appeal. Artists run the risk of no longer being in the foreground and being relevant. But Fyooz cements the relationship through a token that represents access, rights, and ultimately appreciable value.
It’s little wonder that the acquisition of $YACHTY gives fans the opportunity to meet the rapper online. But not only that. Because Yachty already has the next one Sign-Project in the pipeline: On December 15, the rapper will release an NFT-Sign on Nifty Gateway, the crypto– Art platform of the Winklevoss twins. What is behind this is not entirely clear. The announcement video coupled with the specifics not fungible Sign suggests, however, that it will be about 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-Economy tried. Yachty’s colleague Akon should be mentioned here as a concise example. The hip-hop and R&B star with Senegalese roots is so excited about the value proposition of the Blockchaintechnology convinced him to have an entire crypto city built in his home country. Akoin, the cryptocurrency of the musician, acts as the primary means of payment. Akon hopes that the Akoin will one day become Africa’s most widely used transaction medium.
That Sign-The adventures of rapper TI, on the other hand, ended less happily. An initial coin offering in which the musician was involved aroused the displeasure of the USExchange Commission Securities and Exchange Commission. TI had to pay a $75,000 fine as a result.
BTC-ECHO Magazin 12/22 – Crypto Investment: Now or Never?
The BTC-ECHO Magazin is the leading German-language magazine since 2014 on the topics of Bitcoin, Blockchain, NFTs & cryptocurrencies.
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