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Key Takeaway
- Lil Yachty, one of the greatest rap artists in the world, is creating his own cryptocurrency.
- The token will be released via Fyooz, a social money platform that brings fans closer to their favorite artists.
- Move could signal a broader shift where artists embrace tokenization to establish a fan base.
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23-year-old rap icon Lil Yachty is partnering with Fyooz, a Swiss app that leverages tokenization to give fans access to artists and influencers.
Lil Yachty is one of the leading rap artists in the world. He regularly collaborates with stars such as Diplo, Drake and Bhad Bhabie and has released several hit singles, including “Peek A Boo”, “Pardon Me” and “Split / Whole Time”.
The platform allows celebrities to create their own cryptocurrencies, which fans can then purchase to interact and gain access to their favorite stars. Ownership of a token can actually give fans a stake in an artist’s career, as well as privileges they wouldn’t otherwise have received.
Announcing Lil Yachty’s move to cryptocurrencies, Fyooz co-founder Remo Prinz said:
“We are very excited to welcome Lil Yachty as the pioneering voice for this new generation, the face of cool and the sound of rhyme. These qualities make Lil a billboard for Fyooz. It remains in constant motion and today instead of aiming to put up with the problems that existed within the old industry models, Lil Yachty has teamed up with Fyooz to create new ways to approach fans and, in so doing, create a new investment paradigm both for fans and global stars alike. . “
⭐️⭐️⭐️ Welcome to Fyooz Lil Yachty ⭐️⭐️⭐️
Rap superstar Lil Yachty joins the Fyooz revolution, accelerating the future of social money.
Great emotion to have you on board @lilyachty!#fyooz #WeAreSocialMoney $ YAC $ FYZ #crypto #music pic.twitter.com/anEFPMScwI
– Fyooz (@fyooz_io) November 18, 2020
Tokenization in the music industry
Some Proponents of the blockchain believe that tokenization could be a vital lifeline for the music industry.
While artists often rely on social media platforms like Facebook and Instagram to interact with their fan base, a tokenized world could provide a new opportunity for artists to establish a loyal follower group in the digital realm.
Not even Lil Yachty is the first artist to dive into cryptography.
Grammy Award winning producer RAC has it too released his token. Meanwhile, Akon grabbed titles with its plans to build a cryptocurrency city earlier this year.
Time will tell if the artists who switch to blockchain prove to be more of a fad. Recently, celebrities like US rapper TI have done it been involved in their suspicious activities related to cryptocurrency, which may have brought wider skepticism to the space.
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