The NFT space is moving quickly and celebrities are jumping onto the trend. Fans are also proving there is a demand and are willing to buy them. As we all know the law of supply and demand means that if there is a demand but limited supply then that will only push up the price of the item. Though an NFT isn’t a real item and exists in the digital world they are still getting sold for a pretty good price.
Big organisations like Hermes are even worried that this business which is becoming profitable for the creators could take business away from them and are suing an artist over Birkin bag nfts showing some level of acceptance that there is money to be made here.
Ye’s fans are also supposedly creating a demand for NFTs and although he isn’t quite ready to create something he has told fans to ask him later, proving that the possibility exists it is something he may explore in the future, though he remained adamant now now.
Taking to his Instagram on Monday, the rapper wrote;
'My focus is building real products in the real world real food real clothes real shelter.'
'Do not ask me to do a f***ing NFT Ye Ask me later.'
The post also featured a caption in all-caps which read, 'Stop asking be to do NFT's I'm not finna co-sign.'
'For now I'm not on that wave I make music and products in the real world,' Ye added.
The rapper who is worth $1.8 billion has definitely made a fair bit of money from the real world, though may be missing out by not taking an opportunity sitting right in front of him. As a businessman dismissing the concept isn’t wise and if people are demanding it then why not create it.
It might be a no from him for now, but it won’t be long before other celebs start creating these and we wouldn’t be surprised if his estranged wife Kim Kardashian decides to move into the space. Keep a look out for NFTs that may become valuable in the future, particularly those created by celebrities. If they start getting sold on the secondary market then you may well make some good money over the long term as long as you get them for a good price now.