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Lil Yachty is diving headlong into the cryptocurrency market.
Forbes reported Monday that Lil Boat is now the latest celebrity to try their hand at the global cryptocurrency market which is worth over $ 500 billion. It is doing this through its recently launched currency of the same name, “YachtyCoin”. The YachtyCoin will operate in the realm of “social tokens”. These popular cryptocurrencies hold the name of an entertainer and leverage the star’s popularity and influence as their work is purchased via the coin. Additionally, they can be traded on centralized exchanges.
The Ethereum-based rapper’s token will be introduced on the Swiss Fyooz platform. Yachty is banking on her cult following – which translates to nearly 20 million social media followers and 10 million Spotify listeners – to gravitate to the coin. Taking ownership of a “YachtyCoin” will basically make fans a shareholder / investor in Yachty’s career. In addition, they will receive access and privileges that the average listener will not be able to access.
Yachty isn’t the first rapper to venture into cryptocurrencies. Nas is an investor in the Coinbase cryptocurrency trading platform while The Game is on the advisory board of Paragon, a cryptocurrency startup tailored for the marijuana industry. Additionally, Akon has leveraged his stardom and knowledge of cryptocurrencies to create his Akon City which will operate with his Akoin currency.
