Singapore markets closed
  • Straits Times Index

    3,269.27
    -32.69 (-0.99%)
     
  • Nikkei

    28,546.98
    +727.65 (+2.62%)
     
  • Hang Seng

    20,175.62
    +93.19 (+0.46%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • BTC-USD

    24,387.03
    +431.77 (+1.80%)
     
  • CMC Crypto 200

    574.64
    +3.36 (+0.59%)
     
  • S&P 500

    4,280.15
    +72.88 (+1.73%)
     
  • Dow

    33,761.05
    +424.38 (+1.27%)
     
  • Nasdaq

    13,047.19
    +267.27 (+2.09%)
     
  • Gold

    1,818.90
    +11.70 (+0.65%)
     
  • Crude Oil

    91.88
    -2.46 (-2.61%)
     
  • 10-Yr Bond

    2.8490
    -0.0390 (-1.35%)
     
  • FTSE Bursa Malaysia

    1,506.19
    +0.63 (+0.04%)
     
  • Jakarta Composite Index

    7,129.28
    -31.11 (-0.43%)
     
  • PSE Index

    6,699.66
    +18.98 (+0.28%)
     

Rapper Lil Yachty Sells Out Social Token in 21 Minutes

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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.

Related: Spotify Looking for Associate Director to Lead Activity on Libra Project, Other Crypto Efforts

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.”

Related: Audius Has Big Numbers by Crypto Standards but Can It Take On SoundCloud?

“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.

Related Stories

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting