Rapper Lil Yachty created a crypto token, sells out within minutes

The social token will give buyers ways of interacting with the star through gifts and video meetings

Image: Lil Yachty / Twitter

The world of cryptocurrency is still young, as people continue to come up with new tokens, new applications, and more. 

The latest example of that is rapper Lil Yachty and his new token, $YACHTY. In a statement, Yachty notes, "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."

The currency, which was only available to non-US investors, was valued at $15 a coin and listed on Fyooz. According to Coinbase, the coin sold out in 21 minutes.

The coin is what is being referred to as a social token. Think of it as a VIP pass that, with enough tokens, can be used for a variety of things. From interactions with the star to exclusive gifts, the coins could have a lot to offer for fans of a musician, actor, artist, or basically anyone with social influence. 

Lil Yachty isn't the only star looking towards cryptocurrency. The band Selah has launched a token, and Ja Rule is working with Roll, an Ethereum-based system for content creators.

In a tweet following the sale, Yachty notes a new collaboration in the works, with Fyooz, Tyler Winklevoss, and crypto exchange Gemini working with Nifty Gateway, a digital art platform.