Lil Pump Is Doing a Social Token Called PumpCoin
“Gucci Gang” rapper Lil Pump is the latest celebrity to dip into the realm of social tokens with the listing of his “PumpCoin” on social money platform Fyooz.
The 20-year-old rapper appears to be following the Lil Yachty crypto playbook: a token sale on Fyooz and a subsequent non-fungible token (NFT) auction on the Winklevoss-owned Nifty Gateway.
Lil Pump, whose real name is Gazzy Garcia, is banking on his 25 million social media followers to take ownership of a “PumpCoin,” which, similar to a recent string of experiments with social tokens, will give fans exclusive access to the Colombian-American singer. According to the Fyooz site, “PumpCoin token holders will have an opportunity to play Call of Duty or NBA 2k21 live and 1:1 with Lil Pump.”
“There has never been a greater need for artists and fans to find a new way of engaging given the lack of industry events from COVID-related shutdowns,” Remo Prinz, co-founder of the Zurich-based Fyooz, said in a statement. “Social tokens are a way for artists and other personalities to potentially monetize fan engagement.” Fyooz token sales are not open to U.S. investors.
The YachtyCoin sale last week raised at least $276,000 for the Atlanta-born rapper. Lil Yachty’s digital collectible sold for $16,050 this week to Bill Lee, a general partner at early-stage VC firm Craft Ventures who sniped the NFT from “bitcoin billionaire” Tyler Winklevoss at the last minute.
This follows a trend of flashy NFT auctions by high-profile musicians. Canadian DJ Deadmau5 launched a series of digital collectibles this week, RAREZ, worth around $100,000. On Wednesday night, a piece of the collection named “In Titan’s Light” sold for 78 ETH ($50,039) on NFT platform SuperRare.