American rapper, singer and songwriter Lil Yachty is entering the digital currency space, as he tokenises himself on Fyooz.io.
The social money platform allows fans to buy access to their favourite artists and having been nominated for three Billboard Music Awards, three VMAs and a Grammy Award, the US rapper is likely to be a fruitful addition to the site.
Fyooz is a fully compliant, Swiss regulated, global platform where celebrities and influencers can issue their own cryptocurrency via the process of tokenization on the blockchain. Once tokenised, fans in 136 jurisdictions can download the Fyooz App and with a credit card, can purchase the token. Tokens are exchangeable for other tokens or can be turned back into ‘fiat’ currency. Ownership of a celebrity token allows fans to participate in access and engage with their favourite stars.
Remo Prinz of Fyooz said of the news: “Without being able to connect with their audiences live, performance artists will lose not only revenue but also appeal. Artists run the risk of no longer being front of mind and relevant. But Fyooz 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.
“We are very excited to welcome Lil Yachty as a pioneering voice for this new generation, the face of cool and the sound of rhyme… These qualities make Lil a billboard for Fyooz. He remains in constant motion and today instead of aiming to endure the problems existing within old industry models, Lil Yachty has joined with Fyooz to create new methods of getting closer to fans and in so doing creating a new investment paradigm for both fans and stars globally.”
Lil Yachty has over 10.7 million listeners on Spotify each month, a loyal fanbase of nearly 10 million on Instagram and 5.2 million on TikTok. Lil Yachty fans are tech natives, thirsty for digital alternatives to anything, and desperate for alternatives to traditional investment vehicles. Lil Yachty is setting the stage for the mainstream adoption of digital assets, as fans globally seek to own a little piece of everyone they love, in a token.
The Fyooz platform is already in operation and stress tested with stars from its founding location Switzerland. Digital Ledger Technology regulation is crystal clear in Switzerland and Fyooz has the oversight of the Swiss regulatory authorities which is a claim that no other platform has today.
Expert Analysis: Lil Yachty has a huge audience amongst teens, his entry into the digital currency space can see a whole new demographic engage with the currency. It could also lead to some interesting activations – could we see Lil Yachty making it rain Yachty tokens in his upcoming videos?
