Kanye West (now known as Ye), a well-known American rapper, vowed last week that he "has no intention of issuing a coin" and "issuing a coin would just be a way to profit from his fans," but now it has been revealed that he is preparing to launch his own cryptocurrency "$YZY."
The reason why Ken launched the $YZY token is, to some extent, to get rid of the constraints of mainstream e-commerce platforms such as Shopify.
In the past, these platforms have cut ties with him due to his series of extreme remarks, which has caused setbacks to his Yeezy business empire. However, cryptocurrency, which has an "anti-censorship spirit", has provided Ken with another opportunity to "cash on his fame."
Regarding this point, we can get a glimpse of it from the distribution mechanism of $YZY tokens:
【70% of the tokens belong directly to Ken Ye; only 10% is used for market liquidity; 20% is distributed to investors. 】
Such a disparity in the ratio makes people wonder whether this is a Web3 innovation or a "money-making scheme" by Ken.
Amid constant controversy, is Ken turning to cryptocurrency to find a way out?
In recent years, Ye's business empire has suffered repeated setbacks due to a series of controversial remarks. In 2022, he praised Hitler in public and even made anti-Semitic hate speech on social media platforms, causing heavyweight partners such as Adidas, Balenciaga, and CAA agency to cut ties with him, putting the Yeezy brand into crisis.
This year, he posted on social media platform X, calling himself a "Nazi" and claiming to be a fan of Hitler. He even put T-shirts with the Nazi symbol "卐" on the Yeezy official website, which eventually led to Shopify directly closing his online store.
Today, the $YZY token has been packaged as the "official token of the Yeezy brand" and can be used to purchase goods on the brand's official website in the future.
Temporarily postpone the sale time of $YZY
According to CoinDesk, they initially received an email signed by Hussein Lalani, who claimed to be Yeezy’s chief financial officer. He then took the initiative to provide documents related to the $YZY token and even asked the media not to disclose the news in advance.
However, CoinDesk did not agree and verified the authenticity of the document through three independent sources.
Insiders revealed that $YZY was originally scheduled to go on sale on the Yeezy official website at 6 p.m. on Thursday, but the team temporarily decided to postpone it to Friday because they were worried that the "Argentine Presidential Coin" incident would make the market more wary of "celebrity coin issuance."
Want to learn the "$TRUMP coin" model and make a fortune?
There were actually signs that Ken wanted to issue a coin at the beginning of this month. At that time, he hinted that he had tried to contact Coinbase CEO Brian Armstrong, but soon clarified: "I will not issue a coin." He also said that someone offered him $2 million to issue a personal token, but he refused and said bluntly: "These coins rely on hype to gain fans."
However, according to insiders, Ken has always wanted to imitate the model of Trump's official meme coin "$TRUMP", which not only hypes up market topics but also brings considerable wealth to himself. It is said that 80% of $TRUMP is held by Trump's CIC Digital, indicating that the project is closely related to Trump himself.
Sources revealed that Ken initially wanted to monopolize 80% of the $YZY tokens, but after internal negotiations, he finally compromised to 70%. However, even so, if $YZY can replicate the success of $TRUMP, Ken's tokens will still be worth a lot.
Deanna's advice to fans
1. Be rational about celebrity endorsements
The appeal of idols does not equal investment security. The cryptocurrency market is highly volatile and risky. You need to independently judge the value of the project and avoid blindly following the trend due to emotional factors.
2. Dive into project details
- White paper and technical foundation: Check whether "$YZY" has disclosed its technical route, token distribution mechanism (such as the team reserved ratio), and actual application scenarios (such as whether it is linked with Ye’s fashion brands and music works).
- Team transparency: Confirm the background of the development team, whether they have experience in the blockchain field, or whether it is just a short-term marketing cooperation.
3. Control risk exposure
- Invest only money you can afford to lose and avoid borrowing or dipping into emergency savings.
- Diversify investments and avoid over-concentration in a single token.
4. Be wary of market manipulation and speculation
Celebrity tokens are often accompanied by the risk of “pump and dump”. If you find that social media is creating a hype and the price is soaring in the short term, you need to be wary of speculation traps.
5. Pay attention to compliance trends
Pay attention to whether the project complies with the laws of the country where it is located (such as KYC certification, anti-money laundering policies), and predict the impact of regulatory changes on token liquidity.
Summary
If Ye eventually launches "$YZY", its core value will depend on whether it can be deeply bound to his business ecosystem (such as the Yeezy brand), such as exchanging tokens for exclusive products, fan rights or content experiences. Otherwise, tokens supported only by traffic are likely to become speculative tools. Fans should remain cautious and regard such investments as high-risk behaviors rather than simply supporting idols. The essence of cryptocurrency is a technology-driven financial tool, not a "testing ground for influence" for celebrities.
