Twenty-one minutes and 41 seconds is how lengthy it took for American rapper Lil Yachty’s new social token, $YACHTY, to promote out on Thursday. The token was listed on social cash platform Fyooz, the place patrons, probably followers of the rapper, purchased $YACHTY for $15 every.
“I’m nonetheless new and studying in regards to the crypto world, however I can inform you I’m partnering up with some very good folks to present my followers some dope experiences,” Lil Yachty mentioned in an announcement.
The sale is the newest in a latest string of experiments involving social tokens, a method for artists and different personalities to probably monetize fan engagement because the occasions trade reels from COVID-related shutdowns. Yachty’s providing, which was solely open to non-U.S. traders, captured mainstream media attention earlier this month.
Based on the Fyooz app, the sale introduced in $276,006. Proudly owning $YACHTY provides followers unique entry to the Grammy-nominated artist, together with shock packing containers ready by his mother, Venita McCollum, writer of the guide “Raising a Rapper.”
Token homeowners can even obtain private objects from the rapper’s profession and take part in online parties with him, in line with Fyooz.
The $YACHTY sale comes as different social token platforms have toyed with high-profile collaborations. Rally drew chart-topping Christian vocal trio Selah into the fold with a equally structured fan engagement token earlier this month. Earlier this 12 months, Roll inked a cope with rapper Ja Rule.
Remo Prinz, co-founder of the Zurich-based Fyooz (pronounced “fuse”), mentioned Thursday’s sale was an indication of “rising demand for social cash.”
“We’re on the forefront of a brand new sort of financial relationship between artists, actors, athletes, avid gamers and influencers to have interaction their followers,” Prinz mentioned in an announcement.