The intersections between the crypto space and rap music are getting quite extensive as several hip-hop artists appear to be getting more aware of digital assets. Grammy-nominated rapper Lil Yachty has joined the fray of crypto affiliates in the music industry, dishing out fan tokens in some record time.
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Last month, Lil Yachty – real name Miles Parks McCollum – announced the sale of his $YACHTY social tokens. Listed on social finance platform Fyooz, the tokens allowed investors – most of whom are Lil Yachty’s fans – to purchase in exchange for what he called some “dope experiences.”
Social tokens are digital assets that allow artists and other famous personalities to monetize their fan engagement. With the entertainment industry affected significantly by the coronavirus, many artists have looked into several ways to keep their revenue streams flowing.
Data from the Fyooz app showed that the token began selling on Thursday for $15 each. In just 21 minutes, the tokens sold 25,000 units, worth a total of $375,000.
Fyooz added that each token would allow fans to get exclusive access to the rapper. These includes surprise boxes from his mother, Venita, who recently released a book titled “Raising a Rapper.” Token owners can also participate in online parties with the rapper and get personalized items from his entourage.
Musicians and Crypto
Lil Yachty’s digital token comes after the successful launch of a similar project from Selah’s Christian music group. The group launched its token earlier this month, following its latest album, “Step into My Story.” While the album is the group’s 16th studio project, it is also his first under its record label, 3Cre8tive.
The group explained that the token – named 3CR8 – will give fans access to exclusive benefits like video chats, private messages, and signed merchandise.
At launch, fans will be able to spend $200 worth of tokens to have a 10-minute video call with a member of the three-person band. They could also spend $150 on a personalized greeting and $20 to get a signed album or CD.
The tokens are available on Rally, an open platform that allows creatives to launch their cryptocurrencies. All assets are minted on an Ethereum sidechain, with supply and pricing determined by a token bonding curve. The more coins are available, the more expensive they get.
While fan tokens are growing in popularity, some rappers are also getting into mainstream crypto investments. Last month, Logic – real name Sir Robert Bryson Hall II – bragged about a Bitcoin purchase in an Instagram post.
The rapper, who recently quit music following his “No Pressure” album, has been building his business portfolio. He explained that he invested $6 million in Bitcoin in October. With the asset on a rally, he most likely already made some impressive gains on that investment.