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1.
to swap. to go from ashy to classy. to flip.

Technically, fanute is just the mumbled phrase "from the hoopty coupe" by the rapper French Montana during his verse on the song Stay Schemin' by Rick Ross and featuring Drake. The line ended up being interpreted by many as "fanute the coupe to that ghost dawg" Because of the difficulty in deciphering it, fanute has taken on a life of its own but retains the implied meaning from the song, to come up.

please see references at Grantland or perform a search on Twitter as the word is very much on the upswing.
I'm trying to fanute those digits into some sexual intercourse

Fanute those nightmares to street dreams.
by Diego del Sol June 25, 2012
 
2.
To change something into something better
Fanute the apartment into a house.

Fanute that DM into a phone number.

.Jesus can fanute water into wine.
by Pard0nMyTweet March 15, 2012