Lil Yachty Coin and What it Could Mean for the Future of Crypto.
Earlier this week we saw Lil Yachty generate a cool $276,000 in less than 30 minutes from launching his own Token.
The token allowed holders to gain access to “exclusive” content such as signed poster from the rapper, a surprise box full of personal items as well as access to a virtual party with Yachty and friends.
On one hand it’s great for the artist: they get new streams of income, exposure to crypto and even further ways to engage with their audience.
The potential downfall of this is if the space quickly becomes oversaturated and the tokens become just a gimmick to get rich quick.
for example: What if OnlyFans decides to allow their creators to monetize their audience via social tokens?
We could see exclusive NFT airdrops, only if you are subscribed to X person.
The resale value of that NFT has no ceiling, its purely speculative asset - digital and doesn’t require anything to back it.
This could bring an avalanche of crapcoins and pointless NFT’s.
In a sense Bitcoin is to blame.
It’s become the catalyst for anyone with an audience to generate hundreds of thousands of dollars from their followers by offering airdrops, NFT’s and digital tokens — backed with nothing but “exclusive content”.
Bitcoin has acted as the Trojan Horse for a new economy of baseless NFT’s and social tokens with no true value; to become the norm.
