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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.