Kanye West: Why I Won’t Make On NFTs For Now 

Kanye West, like other celebrities and musicians, has stated that he will not participate in the NFT craze. But, being Kanye, he left the door open for him to change his mind.

Kanye West scribbled his thoughts on non-fungible tokens on a blank piece of paper and shared them with his 10.5 million Instagram followers late Monday afternoon West Coast time.

“My focus is on building real products in the real world,” read the handwritten note, which also instructed not to ask him to perform an NFT. However, in a postscript, he stated, “Ask me later.”

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Celebrities like Paris Hilton, Melania Trump, and William Shatner have begun to sell NFTs, which are tokens that represent ownership — albeit not necessarily copyright ownership — of art, trading cards, virtual clothing, or other items.

Quarterback Tom Brady debuted NFT collectibles in December, and an NFT company he co-founded recently raised $170 million in Silicon Valley funding.

According to Chainalysis, a blockchain software and data company, approximately $44 billion was traded on NFT marketplaces in 2021 alone.

The purchases are high-risk, with little evidence of returning some or all of an individual investor’s money. However, some customers aren’t looking for a quick buck. They might just want a souvenir or a birthday present.

Celebrities, in general, have been lending their name and credibility to crypto-related products or coins. A-list celebrities, such as Matt Damon, who is promoting Crypto.com, are also getting involved.

It’s a dangerous proposition. Since Damon’s ad campaign was announced in October, Bitcoin has dropped by more than 35%.

West told everyone to stop asking him to make NFTs in the caption of his Instagram post. He hedged again, saying he wasn’t riding that wave “for the time being.”