Kanya West Set to Launch YZY Crypto Token – Here’s Why It’s Stirring Drama
The post Kanya West Set to Launch YZY Crypto Token – Here’s Why It’s Stirring Drama appeared first on Coinpedia Fintech News
Kanye West, now known as Ye, is making his next big move – not in music or fashion, but in cryptocurrency. He’s launching YZY, a token named after his famous Yeezy brand, which will act as the official currency for Yeezy products. Fans will soon be able to buy items directly from his website using YZY.
After facing major setbacks, including losing top brand deals and being cut off from platforms like Shopify, he’s turning to crypto as a way to take back control. However, with concerns over the token’s structure and Ye’s history of controversy, not everyone is convinced this will end well.
Will YZY mark Ye’s comeback, or will it crash like many celebrity-backed tokens before it? Let’s break it down.
Turning to Crypto After Business Struggles
Ye’s move into crypto comes after years of business challenges. In 2022, he lost partnerships with Adidas, Balenciaga, and other major brands after making controversial remarks. More recently, he listed a T-shirt with a swastika on his Yeezy website, leading Shopify to shut down his online store.
Now, with traditional platforms cutting ties, Ye is looking to crypto as a way to regain control over his brand without relying on big companies.
Under Ye’s plan, 70% of YZY tokens will go to him, while 10% will be set aside for liquidity and 20% for investors. This has raised concerns, as it gives Ye a dominant share, leaving little room for outside investors.
Ye’s Mixed Signals on Crypto
Earlier this month, Ye hinted at reaching out to Coinbase CEO Brian Armstrong, sparking speculation about his crypto plans. However, he later denied launching a token, saying many such projects “prey on fans with hype.” Despite this, the YZY token was originally set to launch on February 20 but was delayed to February 21.
Argentina Crypto Scandal
Some team members say the delay was due to concerns about a recent crypto controversy in Argentina, where a government-backed token was exposed as a scam. This has led critics to question whether YZY could face similar issues, especially with its heavy insider ownership.
Ye’s crypto venture is being compared to U.S. President Donald Trump’s TRUMP token. Trump launched his coin ahead of his second inauguration, keeping 80% under the control of a company linked to him. Ye initially wanted to keep 80% of YZY but later reduced it to 70% after pushback.
Is YZY Headed for Trouble?
Many celebrity-backed tokens have seen prices surge quickly before crashing, often leaving early investors with profits while regular buyers lose money. With Ye holding the majority of YZY, critics fear it could follow the same pattern.
Whether YZY becomes a success or ends up as another failed celebrity token remains to be seen.
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