Twenty-one minutes and 41 seconds is how long it took for American rapper Lil Yachty’s new social token, $YACHTY, to sell out on Thursday. The token was listed on social money platform Fyooz, where buyers, most likely fans of the rapper, bought $YACHTY for $15 each.
“I’m still new and learning about the crypto world, but I can tell you I’m partnering up with some very smart people to give my fans some dope experiences,” Lil Yachty said in a statement.
The sale is the latest in a recent string of experiments involving social tokens, a way for artists and other personalities to potentially monetize fan engagement as the events industry reels from COVID-related shutdowns. Yachty’s offering, which was only open to non-U.S. investors, captured mainstream media attention earlier this month.
According to the Fyooz app, the sale brought in $276,006. Owning $YACHTY gives fans exclusive access to the Grammy-nominated artist, including surprise boxes prepared by his mom, Venita McCollum, author of the book “Raising a Rapper.”
Token owners can also receive personal items from the rapper’s career and participate in online parties with him, according to Fyooz.
The $YACHTY sale comes as other social token platforms have toyed with high-profile collaborations. Rally drew chart-topping Christian vocal trio Selah into the fold with a similarly structured fan engagement token earlier this month.
Earlier this year, Roll inked a deal with rapper Ja Rule.
Remo Prinz, co-founder of the Zurich-based Fyooz (pronounced “fuse”), said Thursday’s sale was a sign of “growing demand for social money.”
“We are at the forefront of a new type of economic relationship between artists, actors, athletes, gamers and influencers to engage their fans,” Prinz said in a statement.
“I’m still new and learning about the crypto world, but I can tell you I’m partnering up with some very smart people to give my fans some dope experiences,” Lil Yachty said in a statement.
The sale is the latest in a recent string of experiments involving social tokens, a way for artists and other personalities to potentially monetize fan engagement as the events industry reels from COVID-related shutdowns. Yachty’s offering, which was only open to non-U.S. investors, captured mainstream media attention earlier this month.
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According to the Fyooz app, the sale brought in $276,006. Owning $YACHTY gives fans exclusive access to the Grammy-nominated artist, including surprise boxes prepared by his mom, Venita McCollum, author of the book “Raising a Rapper.”
Token owners can also receive personal items from the rapper’s career and participate in online parties with him, according to Fyooz.
The $YACHTY sale comes as other social token platforms have toyed with high-profile collaborations. Rally drew chart-topping Christian vocal trio Selah into the fold with a similarly structured fan engagement token earlier this month.
Earlier this year, Roll inked a deal with rapper Ja Rule.
Remo Prinz, co-founder of the Zurich-based Fyooz (pronounced “fuse”), said Thursday’s sale was a sign of “growing demand for social money.”
“We are at the forefront of a new type of economic relationship between artists, actors, athletes, gamers and influencers to engage their fans,” Prinz said in a statement.
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Francisco Gimeno - BC Analyst This token, although anecdotic if looking at the big picture, is a sign of the possible tokenisation of everything, in different ways and shapes. Not for the profit of some, but for the benefit of all. When everyone has the possibility to participate in the economy and not being left behind, or in a low economic class, the world changes. This token, although anecdotic if looking at the big picture, is a sign of the possible tokenisation of everything, in different ways and shapes. Not for the profit of some, but for the benefit of all. When everyone has the possibility to participate in the economy and not being left behind, (…more)