Celebrity interest in Crypto rises as rapper Lil Pump sets out to launch “PumpCoin”
Popular American rapper Lil pump, best known for his five-times platinum-certified single “Gucci Gang” is the newest rapper set to launch his own cryptocurrency. Dubbed the “pumpcoin”, the non-fungible token (NFT) will be launched sometime in 2021 as disclosed by Fyooz, a virtual asset trading platform that also markets celebrities and entertainers as tradable tokens.
“The social money platform” as it calls itself, will welcome token holders with an interesting live gaming episode of Call of Duty or NBA 2K21 with Lil Pump himself after the coin is listed on the platform. The press release comes just a week after yatchycoin, another token named after rapper Lilyatchy sold out in less than 22 minutes after its listing. Lil Yachty, a two-time billboard, and Grammy-nominated American rapper was the first artist to rake in $375,000 in the token sale. The 23year old rapper like other “tokenized artists” on the platform, will share exclusive live video experiences with token holders.
The concept of celebrity tokenization is centered around the value of the celebrities, which is the sole determinant of whether or not the token holders will sell a rise or a decline in token value. Should the celebrity brand become more successful and the demand for the celebrity’s tokens surges simultaneously, token holders are certain to make a profit.
Lil Yachty and Lil Pump are not the only rappers to have been recently involved in cryptocurrency. Four-time Grammy-nominated rapper Megan the Stallion, popularly known as “the hot girl coach” recently made a remarkable entrance into the crypto-landscape with a $1 million Bitcoin giveaway, courtesy of the rapper’s new partnership with digital payment giant Cash App.
The entrance of celebrities into the crypto-world is not new to the community. Over the past few years, the likes of Akon, Floyd Mayweather, and DJ Khaled made headlines with their involvement with cryptocurrency. The former introduced a coin in his name known as “Akoin”, while the last two were in the business of ICO promotion, which later earned them legal charges, as revealed by the SEC which confirmed the ICO campaign to have been fraudulent.
Some crypto-commentators had earlier observed that celebrities and public figures will play a significant role in championing the adoption of cryptocurrency in 2021, and evidently, this is already coming into play. Although for older members of the community, celebrity crypto-campaigns may do little to nothing to influence their stances on crypto as they all largely have a good understanding of the relevance and core concepts of crypto, celebrity influence will still aid adoption for new entrants.