The artist formerly known as Kanye West (he changed his name to “Ye” legally in 2018) is, in addition to being a self-proclaimed “Nazi,” now a denizen of the web3 world he once derided.
On Wednesday, West took to social media to announce YZY coin. “The official Yeezy token just dropped,” said a bored-looking West in a video posted on his X account. Within hours, YZY had climbed to a market cap of some $3 billion, Wired reports. Not long afterward, the coin predictably plummeted in value and eventually settled around $1.5 billion, Forbes writes.
West also shared a link to a website with additional details about the new crypto asset, although it doesn’t provide much information. “YZY Money is a concept to put you in control, free from centralized authority,” it says, vaguely. There doesn’t appear to be any sort of white paper or other explanatory note sharing how the asset works. Instead, the site includes a familiar disclaimer: “Users acknowledge that digital assets involve inherent risks and potential for complete loss. Nothing on this site constitutes financial legal or investment advice.” The site’s terms and conditions page also appears to include the stipulation that users waive their right to participate in a class action lawsuit.
West once claimed that meme coins were not his thing. Wired notes that, in a since-deleted social post, West once said: “I’M NOT DOING A COIN,” adding: “COINS PREY ON THE FANS WITH HYPE.”
The rapper’s increasingly erratic and bizarre behavior has left many onlookers searching for an explanation. West, himself, has claimed he suffers from a number of mental illnesses, alleging—back in 2018—that he was bi-polar. However, earlier this year, West claimed that, actually, he had been diagnosed with autism, and that the previous diagnosis was incorrect. All we really know is that, at one point, West was releasing killer singles like “Gold Digger” and “Stronger” and going on Ellen Degeneres and then, at some point, he was ranting about Jews, wearing the MAGA hat, showing up to interviews in outfits like this, and dating a woman whose dress code leaves little to the imagination.
To add to the astounding devolution, West declared earlier this year that he was a “Nazi” and released a single online called “Heil Hitler.” Platforms scrambled to rid themselves of the song, but it persisted, popping up under various pseudonyms on YouTube and Spotify. West’s career has not recovered, so the shitcoin feels like a natural next step.
Gizmodo was unable to reach West for comment.
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