- Swiss-based platform Fyooz is the platform that Lil Yachty is using to enter into the crypto foray
- Lil Yachty is but among the more recent rappers to get into the cryptocurrency game
The world of cryptocurrency can seem a bit daunting and complicated at times. So, if you’re new to the market what do you do? Maybe you read up and watch a few YouTube videos on how to get started or you go become a celebrity and make your very own cryptocurrency. In recent years celebrities have been dipping their hands into the cryptocurrency business. Names such as Akon, Gwyneth Paltrow, Ashton Kutcher and Snoop Dogg have all advocated for the future of cryptocurrencies. Now, Lil Yachty joins the list by forming his own cryptocurrency called “YachtyCoin”. This could set the precedent for a move to fully digital transactions across mainstream media.
Swiss-based platform Fyooz is the platform that Lil Yachty is using to enter into the crypto foray. Fyooz works on the process of tokenisation on the blockchain which then allows fans from all over the world to purchase cryptocurrencies using their credit cards from the app. These tokens can then be exchanged for others or you can turn it back into real-world money or “fiat” currency. Being one of the most popular influencers in the world, having around 20 million followers across major social media platforms, this shift into cryptocurrencies may very well allow his fans a greater level of interaction and allow them to essentially invest in his career directly. Lil Yachty recently tweeted about the partnership and said it was going “to make history”.
Lil Yachty is but among the more recent rappers to get into the cryptocurrency game. Bradley Miles, who was the former Coindesk analyst and founder of Roll, another social-token platform, had signed up Akon and Ja Rule to produce a rap about crypto with crypto marketer Alex Masmej and reapper Lil B.
Back in 2013, Snoop Dogg made his albums available for purchase using Bitcoins. Each album sold for 0.3 BTC, however the number of copies sold has remained undisclosed. In 2014, tennis superstar Serena Williams launched Serena Ventures which went on to invest in Coinbase, making it yet another cryptocurrency banker.
Remo Prinz of Fyooz says that this “cements the relationship by way of a token which represents access, rights and in the end, appreciable value. And all within a click for those stars who want to deliver this new experience.” It is yet unknown as to when the YachtyCoins will be available for purchase, but the people of the United States need not worry as the platform isn’t even available in their country. Crypto might very well be a lifeline for the music industry and you can get your hands in it too. Soon, maybe.