The 23-year-old American rapper as well as Grammy nominee, Lil Yachty, announced on Twitter that he was going to mint his own social token on Ethereum blockchain, joining hands with a social dapp called Fyooz.
There are different types of crypto-asset creators.
Social token, also referred to by some as “social money”, is a type of token economy that reckons on social value. It tokenizes a person, usually an influencer. His or her fans can buy and sell the tokens on cryptocurrency exchanges, pay the tokens to vote on community decisions, or use the tokens as currency to redeem for goods and services from an influencer. What’s more, when the tokens are traded in exchanges, their prices will also fluctuate according to the supply and demand. If you are an influencer or want to be one, you can issue your own social token and enlarge your social value with social token makers.
So by issuing his own social token $YAC, Lil Yachty enables his fans (he has 10.7M listeners on Spotify, 9.8M followers on Instagram, and 5.2M followers on Twitter) to feel more involved with him and his career in a decentralized and tokenized way.
Then let’s have a look at Fyooz and why it is chosen by the rapper.
This Ethereum-based dapp Fyooz introduces itself as a platform where people can participate in the success of other people, brands, talents, artists and more. The team calls it: “Invest in what you love.”
With Fyooz, influencers can “become a token” that can be traded, while fans can buy and trade their favored influencer-named tokens in its regulated marketplace in just a few clicks.
There is a built-in crypto wallet to store Fyooz coins $FYZ, the official currency of Fyooz. It is a payment token that meets KYC/AML requirements, and it can be exchanged for both fiat and other cryptocurrencies. So $FYZ makes it possible for fans and influencers all over the world to participate in the social token economy.
You can buy influencers’ tokens on the Fyooz website or mobile app available both on IOS and Android. Then you can sell and trade on the Fyooz app.
You may also like: