Lil Yachty is preparing to get into the cryptocurrency market to cash in on the global market's lucrative $509.5 billion.
Forbes reports that the rapper will be releasing “YachtyCoin” which is defined as a ‘social token.’These kinds of cryptocurrencies are popular because they enable entertainers to leverage their popularity to make money from their fanbases.
The way it appears to work is that he’ll accept these coins as currency, meaning that fans can get goods and services from him if they have enough.
The rapper wrote on Twitter earlier this month, “If you want to buy access to me, #YachtyCoin is coming soon.
It’s set to be an Ethereum-based token that will have its debut on the Swiss platform Fyooz.
Lil Yachty isn’t the only Black entertainer that’s gotten into the world of cryptocurrency. Nas is an investor in the cryptocurrency platform Coinbase. At the same time, the Game is on the advisory board for the cryptocurrency startup Paragon.
Additionally, singer Akon announced last year that he’s started constructing a futuristic city that will only accept Akoin as currency.