Kanye West's YZY Meme Token: A Surprising Shift in Crypto Stance

Rapper Kanye West is reportedly planning to launch a meme token called YZY, with the artist set to hold a significant majority of the supply. According to three insiders familiar with the project, West will control 70% of the tokens, while liquidity providers will receive 10% and investors will hold the remaining 20%.

The YZY token will serve as the official meme coin of the Yeezy brand and can be used for payments on its website. The project details were disclosed by Hussein Lalani, the CFO of Yeezy, via email. An anonymous team member revealed that the initial launch date was scheduled for Thursday afternoon at 6:00, but the final release time was delayed to Friday.

It is worth noting that West previously expressed skepticism about tokens, stating on social media on February 8th, "I will not issue tokens, I only make products, I only do what I love and understand. I am too rich to do anything else. Tokens use hype to deceive fans, just like the hype-driven sneaker culture."

The launch of the YZY meme token marks a significant shift in West's stance on cryptocurrencies and meme coins. As one of the most influential figures in popular culture, West's involvement in the crypto space could have a significant impact on the industry's mainstream appeal. However, it remains to be seen how the market will react to the launch of the YZY token and whether it will gain traction among investors and fans alike.