Forbes reported on Monday that Lil Boat is now the latest celebrity to try their hand in the global crypto market which is valued at over $500 billion. He's doing this through his newly launched, self-named currency, the "YachtyCoin." The YachtyCoin will operate in the realm of "social tokens." These popular cryptocurrencies hold an entertainer's name and leverage the star's popularity and influence as their work will be purchased through the coin. Also, they can be traded on centralized exchanges.
The rapper's Ethereum-based token will be introduced on the Swiss-based platform Fyooz. Yachty is banking on his cult-like following—which translates to nearly 20 million social media followers and 10 million Spotify listeners—to gravitate to the coin. Taking ownership of a "YachtyCoin" will basically make the fans a shareholder/investor in Yachty's career. Additionally, they will receive access and privileges that the average listener won't be able to access.
Yachty isn't the first rapper to venture into cryptocurrencies. Nas is an investor in the cryptocurrency trading platform Coinbase while The Game is on the advisory board at Paragon, a cryptocurrency startup tailored to the marijuana industry. Also, Akon has leveraged his celebrity and knowledge of cryptocurrencies to create his Akon City which will operate on his Akoin currency.