Recently, Kanye West expressed his thoughts on how celebrities can benefit from the earning model in the NFT industry. However, the multiple Grammy award winner frowned upon the fact that paparazzi use celebrity images to earn money or promote their brands without having to pay the artists for their work.
The rapper talked about the potential of NFTs while talking to some photographers.
Kanye West on NFTs
According to the rapper, NFTs can be an extremely useful asset to pay creators in a fair manner. In addition, he noted how NFT creators could continue to profit from every use and sale of their work. Likewise, other entertainers can get compensated in the same way for their image.
Currently, we are seeing lots of celebrities vouching for NFTs. Creators and entertainers have already begun to use the many digital formats that NFTs can support. To monetize their image, several celebrities have released NFT collections. These include celebrities such as pop singer Justin Bieber, basketball player Steph Curry, footballer Lionel Messi, and many more.
Other influential artists including rapper Snoop Dogg, actor Will Smith, and multiple Grand Slam tennis champion Serena Williams, have invested in the most popular NFT projects like BAYC.
The entry into the NFT industry has the potential to make further inroads into the entertainment industry as a whole. Given that, music NFTs, which allow fans of musical acts to profit from the music they love, are becoming popular. The use of NFTs for event ticket sales is also gaining popularity.