Kanye West, now known as ye, launches the Yzy Token, which is the name of the famous Yezy brand and will function as the official currency of Yezy products. Fans will soon be able to buy products directly from the website using YZY.
Why did Kanye West turn to crypto?
After making controversial statements in 2022, Adidas lost partnership with Balenciaga and other major brands. More recently, a crusaded T -shirt on the Yezy website sold, which led to Shopify’s online store.
YE, which is now breaking its ties with traditional platforms, is turning to crypto as a way to recapture the control over its brand without trusting large companies. According to Ye’s plan, 70 percent of Yzy Tokens will go to him, 10 percent for liquidity and 20 percent will be reserved for investors. Ye’s token share will be distributed with a multi -stage entitlement program, some Coins will be locked up to 12 months, so it will not be sold until then. This situation led to concerns because it leaving very little space for foreign investors by giving a dominant share to Ye.
When will Yzy Token be released?
The launch of token, which was initially scheduled at 18.00 on Thursday, was postponed to Friday, but no official reason was specified. The reason for a one -day postponement is estimated that there are internal concerns about negative public perception after famous crypto scandals. The latest crypto scandal of the last famous source is that LIBra, a Memecoin supported by Argentine President Javier Milei, was faced with a political crisis after it turned out to be a pump-a-dump plan.
Yzy Token’s similarity to Trump Token
The structure of the token economy of Yzy is very similar to the structure of Trump Memecoin, which was released just before the second period of US President Donald Trump. 80 percent of Trump’s supply is kept in a company with connections with Trump. This has led to controversy, but has achieved significant financial success. Ye’nin is reported to seek a similar arrangement, initially demanded 80 percent of the supply and then reduced to 70 percent.
Famous -supported tokens have a complex history. Many of them are experiencing short -term speculative fluctuations before they collapse by damaging retail investors. Released by the Ruses Millions, Jason Derulo, Iggy Azalea and Andrew Tate, the Memecoins are no longer anywhere and continue to fall. Yzy enters the market of crypto projects, where many of them are accused of exploiting their loyalty without benefiting.
Some suggested that Ye’s assets would be locked under a multi -stage entitlement program and some Coins would be inaccessible up to 12 months. In spite of these concerns, Ye’s controversial reputation and strong fan base can increase the significant speculative interest in the YZY. However, it is not yet clear whether Token will maintain its long -term value or if it will serve only another short -lived memecoin.
