American rapper, singer and songwriter Lil Yachty is tokenizing himself on Fyooz.io, a social money platform that allows fans to buy access to their favorite artists and influencers, according to press release.
Fyooz is a Swiss regulated platform that issues celebrity cryptocurrency via the process of tokenization on the blockchain.
The 23-year-old has been nominated for three Billboard Music Awards, three VMAs and a Grammy award and is known as the ‘King of the Teens.’ Playing on that popularity, he will issue his cryptocurrency via tokenization on the blockchain for fans in 136 jurisdictions. To purchase the token fans download the Fyooz app and purchase the Yachty token with a credit card. Tokens are exchangeable for other tokens or can be turned back into fiat currency.
“Without being able to connect to their audiences live [due to the pandemic], 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,” Remo Prinz, of Fyooz, said in the release. “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…”