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In the letter
- Lil Yachty, a rapper, is about to launch his own cryptocurrency.
- The crypto company set to support the token, Fyooz, announced the news today in a press release.
- It is not yet known when or … why.
Lil Yachty, the 23-year-old rapper and Grammy nominee, is about to mint an Ethereum-based cryptocurrency token in his name, announced Fyooz.io, the cryptocurrency platform on which Lil Yachty’s token will debut.
The American rapper, whose real name is Miles McCollum, is the latest to issue a so-called “social token”, a cryptocurrency with the name of an influencer who trades on cryptocurrency exchanges. An influencer can accept these coins as a currency, redeemable for goods and services.
Lil Yachty has 10.7 million listeners on Spotify, 9.8 million followers on Instagram, and 5.2 million followers on Twitter. He is, said Remo Prinz, co-founder of Fyooz, in a press release, “the face of cool and the sound of rhyme” and “always on the move”.
Fyooz hasn’t revealed when Lil Yachty’s token will be launched or what the rapper intends to do with it. It will be the biggest influencer on the platform. Others recorded at Fyooz include JAS CRW, a Swiss trio of Afrobeats and Meta Hiltebrand, a famous Swiss chef.
The company is only the last to board the train. There’s Roll, the formerly-led social token company Coindesk analyst Bradley Miles and founded last year. Then there is Rally, a social token platform that allows the community to choose who can vote.
And Lil Yachty is but the latest rapper. Roll signed Akon and Ja Rule. Roll, to celebrate social tokens, produced a cryptocurrency rap with Alex Masmej, a crypto marketer and entrepreneur, and Lil B, another rapper.
So far, none of those rappers have thrown their own social money tokens. So Lil Yachty may have a small advantage.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
