Lil Yachty is expanding his career and he wants you to be a part of it. The rapper's newly released cryptocurrency “YachtyCoin” is making it possible for fans to become shareholders in his career.
“I’m still new and learning about the crypto world but I can tell you I partnered up with some very smart people to give my fans some dope experiences," Yachty said in a statement to Highsnobiety. The pandemic has changed how artists engage with their fans and YachtyCoin shows the rapper is changing with the times.
Forbes first broke the news yesterday. It finds the 23-year-old artist pivoting to the $509.5 billion global crypto market. The “social token” arena Yachty will be participating in has become very popular among entertainers and influencers as it bears the star's name and trades their work.
For loyal fans of Yachty, ownership of a token can buy you exclusive one on one access to Yachty himself, as well as privileges that the average listener wouldn’t otherwise receive. According to the rapper's team, this includes experiential events such as appearance in a music video, virtual meet and greets, exclusive merchandise, private album listening party, a TikTok collab, and follows on social media.
The Ethereum-based token will be introduced on the Swiss-based platform Fyooz and will not be available in the US, although no launch date has been set. And Yachty can bank on his cult-like following of over 20 million followers across social media to gravitate to the coin.
Yachty isn't the first rapper to venture into cryptocurrency. He joins artists like Nas, Akon, The Game, and Ja Rule, who are all cutting out the middlemen, leveraging their popularity and tokenizing it as a vital lifeline and an alternative to traditional streams of income.
It's unclear what exactly Lil Yachty will be selling through YachtyCoin or when it will launch. We have reached out for comment.