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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.