Key Takeaways
- Lil Yachty, one of the biggest 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 access to their favourite artists.
- Move could signal a wider shift in which artists embrace tokenization to establish a fanbase.
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The 23-year-old rap icon Lil Yachty is teaming up with Fyooz, a Swiss app that leverages tokenization to give fans access to artists and influencers.
Lil Yachty is one of the world’s leading rap artists. He regularly collaborates with stars like Diplo, Drake, and Bhad Bhabie and has released several hit singles, including “Peek A Boo,” “Pardon Me,” and “Split/Whole Time.”
The platform enables celebrities to create their own cryptocurrencies, which their fans can then purchase to engage and gain access to their favorite stars. Ownership of a token can effectively give fans a stake in an artist’s career, as well as privileges that they wouldn’t otherwise receive.
Announcing Lil Yachty’s move into crypto, Fyooz co-founder Remo Prinz said:
“We are very excited to welcome Lil Yachty as a pioneering voice for this new generation, the face of cool and the sound of rhyme. These qualities make Lil a billboard for Fyooz. He remains in constant motion and today instead of aiming to endure the problems existing within old industry models, Lil Yachty has joined with Fyooz to create new methods of getting closer to fans and in so doing creating a new investment paradigm for both fans and stars globally.”
⭐️⭐️⭐️ Welcome to Fyooz Lil Yachty ⭐️⭐️⭐️
Rap superstar Lil Yachty joins the Fyooz revolution, accelerating the future of social money.
Big thrill 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 blockchain advocates 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 engage with their fanbase, a tokenized world could provide a new opportunity for artists to establish a loyal group of followers in the digital realm.
Lil Yachty isn’t the first artist to dive into crypto, either.
The Grammy award-winning producer RAC has also released his own token. Meanwhile, Akon grabbed headlines with his plans to build a cryptocurrency city earlier this year.
Time will tell whether artists moving onto the blockchain will prove to be more than a fad. Recently, celebrities like the U.S. rapper T.I. have been embroiled in their own suspicious cryptocurrency-related activities, which may have brought wider skepticism to the space.
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