Lil Yachty, the 23 year old Grammy-nominated rapper, today sold $375,000 worth of $YACHTY tokens in a token sale.
Lil Yachty, who ran the token at the request of social money platform Fyooz, sold off 25,000 tokens, or 25% of the entire supply, at $15 each. The token sale exhausted its supply within 21 minutes and 41 seconds, Fyooz said today in a statement.
Fyooz split the money down the middle with Lil Yachty. Anyone could participate, so long as they weren't from certain jurisdictions, among them Lil Yachty's native USA.
“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,” said Lil Yachty, real name Miles McCollum, in the statement.
According to Fyooz, owning a Yachty Coin will give fans of the rapper “experiential access that no one else can get.”
This includes “surprise boxes” prepared by his mother, which contain some of Lil Yachty’s belongings, as well as the prospect of a video chat with Lil Yachty. It’s a “guarantee of a fun time together,” according to the statement.
Remo Prinz of Fyooz said, “Today’s sell out of $YACHTY proves there is 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.”
Yachty is unavailable for an interview, a spokesperson for Fyooz told Decrypt. This week, he was busy resolving a feud with TikTokker Bryce Hall, whom he initially claimed had overreacted to a lyric that sexualised Hall’s girlfriend, TikTokker Addison Rae.
Yachty had maintained that he sexualized Rae while she and Hall were not together. He told Hall, “I don't want yo bitch boy.” Yachty yesterday apologized when he conceded, “I’m a man, you’re a man, and that is your girl.”
It remains to be seen how Lil Yachty’s crazy life will affect the price of $YACHTY once it trades publicly.
Editor's note: This article has been updated to clarify details about the sale.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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