See, I might showboat but I'll never sell out
This is a double entendre.
“showboating” is a bragger. Usually, after a while most artists brag about the stuff they’ve bought with the wealth they have attained. Fans consider this “selling out” because they change from their “old ways” Xv may brag but he will never change or conform.
And showing a boat is bragging but Xv won’t sail off and leave.
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