American rapper Kanye West won’t be jumping on the NFT bandwagon any time in the near future.
What Happened: In an Instagram post on Monday, West asked fans to “stop asking” him to get into non-fungible tokens, emphasizing that he makes music and products in the “real world.”
"STOP ASKING ME TO DO NFT's... FOR NOW I'M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD," read the caption of West’s Instagram post.
Why It Matters: The rapper’s reluctance to embrace the world of digital collectibles is in stark contrast to other prominent figures in the music industry who have made high-value NFT purchases and, in some cases, even released their own collections.
Last month, Eminem purchased a Bored Ape Yacht Club (BAYC) NFT for 123.45 Ethereum (CRYPTO: ETH) worth $460,000 at the time.
More recently, Justin Bieber acquired his own BAYC NFT for a stunning $1.3 million this weekend, with many industry proponents alleging that he vastly “overpaid” to acquire the asset.
Also See: Everything You Need to Know About Celebrity NFT Holders
What Else: The NFT market exploded in 2021 after generating over $23 billion in trading volume. According to data from DappRadar, the floor market cap for the top 100 NFT collections stood at $16.7 million at the end of last year.
Meanwhile, Meta Platforms Inc (NASDAQ:FB) said it would soon allow users on Facebook and Instagram to mint and sell their own NFTs.
