Kanye West, now known as Ye, makes his next big movement – not in music or fashion, but in cryptocurrency. He launches YzyA token named after its famous Yeezy brand, which will act as the official currency of Yeezy products. Fans will soon be able to buy items directly on your website using Yzy.
After facing major setbacks, in particular by losing the best brand offers and being cut off platforms like Shopify, he turns to crypto to regain control. However, with concerns concerning the structure of the token and the history of Ye’s controversy, not everyone is convinced that it will end well.
Will Yzy Mark Ye be the return of Ye, or will he plant like many tokens supported by celebrities before that? Let’s decompose it.
Turn to crypto after business difficulties
Ye’s move into the crypto comes after years of commercial challenges. In 2022, he lost partnerships with Adidas, Balenciaga and other major brands after making controversial comments. More recently, he listed a t-shirt with a swastika on his Yeezy website, leading Shopify to close his online store.
Now, with traditional platforms reducing links, you are looking to encrypt as a way to regain control of your brand without counting on large companies.
As part of the Ye plan, 70% of Yzy tokens will go to him, while 10% will be reserved for liquidity and 20% for investors. This has raised concerns because it gives you a dominant part, leaving little room for external investors.
Ye’s mixed signals on crypto
Earlier this month, you noted Set hands at the CEO of Coinbase, Brian Armstrong, causing speculation on his crypto plans. However, he then denied having launched a token, saying that many projects of this type “prevail to fans with media threw”. Despite this, the Yzy token was initially launched on February 20 but was delayed on February 21.
Argentine cryptography scandal
Some team members claim that the delay was due to the concerns about recent cryptography controversy in Argentina, where a government -supported token was exposed as a scam. This led criticism to wonder if Yzy could face similar problems, in particular with his property of heavy initiates.
Ye’s crypto-enterprise is compared to US President’s Trump Trump Donald Trump. Trump launched his room before his second inauguration, keeping 80% under the control of a business related to him. You initially wanted to keep 80% of Yzy, but later reduced it to 70% after decline.
Does Yzy go to trouble?
Many tokens supported by celebrities have seen prices quickly increase before crashing, often leaving the first investors with profits while regular buyers lose money. You holding the majority of Yzy, the criticism fear that he can follow the same model.
Whether Yzy becomes a success or ended up with another failed celebrity token remains to be seen.
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