- Lil Yachty is collaborating with Nifty Gateway, a digital crypto art platform.
- Lil Yachty just raised $375,000 in a token sale for Yachty tokens.
- He's working with social money platform Fyooz.
Editor's note: This article has been updated with information about the sale provided by Nifty Gateway.
Lil Yachty, the Grammy-nominated rapper who today sold $375,000 worth of Yachty Tokens, his new cryptocurrency, in an ICO, has teased his 5.2 million Twitter followers with the prospect of limited edition crypto art.
Yachty, real name Miles McCollum, tweeted an animation of a Yachty coin, the new cryptocurrency that Yachty launched with social money platform Fyooz, to the soundtrack of one of his songs.
The 23-year-old rapper said he is working on a collaboration with the Winklevoss twins’ NFT arthouse platform, Nifty Gateway. He will sell the fruits of that project at 7 pm on December 15.
But up for sale will not be the Yachty coins sold in today’s ICO, but a new type of cryptocurrency called a “non-fungible token.” NFTs are unique cryptocurrencies that can’t be swapped for another; that makes them perfect for selling digital art.
Nifty Gateway, the Cameron and Tyler Winklevoss-owned platform hosting this sale, sells one-of-a-kind digital art tokens. Yachty is selling one NFT token, titled Yachty Coin, that bears the animation he tweeted today. The sale commences on December 15 at 7 pm. There will not be a minimum bid.
Fyooz, a social money platform, pays Lil Yachty to promote the platform. Lil Yachty split the proceeds from the token sale down the middle with Fyooz.