According to Kanye West, who is one of the world’s richest people, he is not interested in entering the market for non-fungible tokens.
In records, it has topped $41 billion last year.
West’s NFT Opinion
The American rapper and designer made a clear social media statement on Monday night. He stated that he had no desire to enter the digital art world in that manner.
As the rapper put it in a forcefully worded Instagram post, that his focus is on producing genuine products in the real world. The real deal and a real place to call home. Creating NFTs is not something I’m interested in. Moreover, it appears that West is open to participating in future blockchain projects, as evidenced by a final “ask me later” letter.
A lot of people have asked him to build NFTs, or blockchain-based digital representations of music, art and other things.
Kanye West, on the other hand, is working on his Adidas Yeezy sneakers and Gap Yeezy clothes lines. In August, he released his latest album, “Donda.” Donda 2 is the rapper’s upcoming album. He is currently working on the project.
Chainalysis, a blockchain data business, predicts that the NFT industry would grow to $41 billion in 2021. They believe that it will surpass the $50 billion in traditional art sales in 2020.
The NFT Market
Snoop Dogg, Russell Simmons, Paris Hilton, Eminem, and Jake Paul, as well as NFL quarterback Tom Brady, are just examples. They have all purchased or indicated interest in NFTs. This gained them a slew of other singers and celebrities.
Model Emily Ratajkowski, who sold an NFT painting of herself titled “Buying Myself Back: A Model for Redistribution” through Christie’s in 2021. Celebrities such as Grimes, Ja Rule, and Lindsay Lohan have all jumped on board the digital token bandwagon. In fact, this has gained the traction quickly.
Keanu Reeves and Kayne West are among the growing list of NFT critics. Consequently, on the set of Matrix Resurrections, the film’s lead actor Reeves made a joke. It is about how easy it is to make NFTs.
According to CoinDesk, music NFTs will inevitably revolutionize everything about music distribution. On top of that, it will also rewire the foundation of the music industry around 2022, according to the crypto community.
Despite this, West has decided to withdraw for the time being, writing on Instagram, “Ask me later.”