Kanye West slams NFTs: they're 'not part of the real world' – Metro.co.uk

Kanye West slams NFTs: they're 'not part of the real world' – Metro.co.uk

Kanye West is not a fan of NFTs it seems. The American rapper took to Instagram to clarify he had no interest in getting involved in the booming online gold rush.
‘My focus is on building real products in the real world, real food, real clothes, real shelter,’ he told his 10.6 million Instagram followers on Monday.
In the strongly-worded note, Kanye West (now known as Ye) said he was tired of being asked to create Non-Fungible Tokens or NFTs.
Do not ask me to do a f**king NFT,’ he said in the handwritten statement.
In a caption accompanying the image of the note, Ye said he was ‘not on that wave’ for now and that he made music and products in the real world.
NFTs are currently all the rage with celebrities like Lindsay Lohan and several other entertainment stars selling ‘experiential nonfungible tokens’ to fans.
Particularly prevalent in the art world, NFTs became mainstream when a digital artwork by the artist Beeple sold for more than $69 million last year. The first-ever tweet by Twitter founder Jack Dorsey was sold as an NFT for $2.9 million.
Despite the hype, West seems to want no part in digital assets, unlike ex Kim Kardashian who was recently sued in a class-action lawsuit accusing her and other celebrities like Floyd Merryweather of taking part in a ‘pump and dump’ scheme like the Squid Game cryptocurrency scam.
However, West hasn’t completely written off NFTs. ‘Ask me later,’ he wrote signing off on the Instagram post.

NFT non fungible token image

NFTs are all the rage at the moment (Credits: Getty Images/iStockphoto)

NFT stands for non-fungible token.
Things that are fungible can be swapped for an asset of the exact same type and value – traditional currencies such as the pound work like this.
When something is non-fungible, it cannot be changed this way because it is unique. Think of it like a famous painting or a rare trading card – there will only be one original, no matter how many copies are made.
An NFT is a distinct cryptographic token that cannot be replicated, which acts as a certificate of ownership for virtual items.
The blockchain protocol, though wrapped in complicated maths and terminology, is a publicly available document that proved no two NFTs are the same. If you owned an NFT, it was indisputably yours.
Anthony Hamer-Hodges, Programme Leader of Music Business Management at London College of Creative Media (LCCM), told Metro.co.uk: ‘The current hype around NFTs is interesting as it demonstrates these essential economic principles of scarcity, value, supply and demand whilst simultaneously being much harder to pin down.’
MORE : Liam Payne criticised for launching new social media account ‘to just talk about NFTs’
MORE : Kanye West responds to claims he’s hiring ‘homeless models’ for next Yeezy fashion show
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