Rapper Kanye West goes into the NFT market after rejecting his participation in metaverse trends. Furthermore, the 24-time Grammy Award-winner performer goes full blast into this novel tendency with his brand Yeezus filing over a dozen trademarks for his popular brand. This move indicates a full-on take into the NFT space.
This take comes after Kim Kardashian’s ex-husband shunned the possibility of going into the NFT market when asked repeatedly about it. Now, his brand filed for several trademarks in the US Patent Office and is broad enough to cover every single aspect of the novel and lucrative segment. Read our scoop below.
Kanye West Goes Into the NFT Market
Adidas Yeezy is a big-time fashion collaboration project between german sports brand Adidas and rapper Kanye West. Known for its high-priced and high-end, limited-edition drops of sneakers, jackets, and other apparel that will incorporate the use of NFT and blockchain technology into this brand and other projects.
Moreover, West filed the patents via his Mascotte Holdings company on May 27, 2022. And it’s not surprising the sudden change of heart on behalf of the singer because every single celebrity is going into the metaverse and NFT space. Take for example what former British footballer David Beckham did last April when he filed his own NFT intellectual property rights. And if that’s not all, the company that owns the legacy rights to Notorious B.I.G. also filed similar trade patents, indicating a similar trend in what already appears a mainstream push towards the adoption of this novel technology.
When Will Kanye’s NFTs Drop?
So far, there’s only a patent application. But this is only the first step toward a bigger project. Consequentially, there’s no official intel yet as to when will Kanye and Yeezus are dropping their first NFTs. Considering the status of the trademark filing —a 1B, that means that it’s an intent to use them sometime in the future—, the applicant doesn’t have to say when they will exercise their right to use that patent —it’s different to 1A patents that are filed when they are already being used.
What Is An NFT?
NFTs are digital assets that exist on a blockchain. Unlike other digital assets, NFTs are unique and cannot be replicated. This makes them perfect for storage of value and for verifying ownership of digital assets. NFTs can represent anything from in-game items to digital art. They have been used to represent property rights, digital collectibles, and even physical items like tickets and trading cards.
The use of NFTs is growing in popularity due to the benefits they offer. NFTs are immutable, meaning that they cannot be changed or deleted. This provides a level of assurance and security that is not possible with other digital assets.
NFTs are also decentralized, meaning that they are not subject to the control of any central authority. This makes them resistant to censorship and fraud. The use of NFTs is still in its early stages. But there is potential for them to be used in a wide variety of applications. As the technology develops, we are likely to see more and more uses for NFTs. Moreover, NFTs are a virgin territory for companies and brands to explore engagement with their consumers, and that’s one of the reasons why Kanye is dipping his feet into the technology, along with other celebrities.
What Are the Risks of Using NFTs?
One of the main problems with NFTs is their scalability, since the technology is in its early stages, and their number is limited, the quantity of NFTs than can be minted and traded is limited. Because of their limited number, their price is so volatile, they’re always changing hands at great prices. As a consequence, that volatility can go awry, causing huge losses for investors. With this last bit of information, we wrap up our coverage of Kanye West’s latest digital venture. Thanks for your attention. And please check out our main page to see what else is going on in the entertainment world. See you soon!
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