Wednesday, November 29, 2023

Kanye West Has Plans To Enter The Metavarse, NFT Trademarks

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Kanye West has plans to enter the metaverse and the NFT space after rallying against both these industries in the past, so let’s find out more today in our latest cryptocurrency news.

The producer and rapper Kanye West shared an Instagram image of a note which included the line “Do not ask me to do a fucking NFT” adding “ask me later” and despite the reticence, it seems that Kanye West has plans to enter the metaverse space based on the newly filed trademark application. West’s Mascotte Holdings filed 17 trademark applications with the US Patent and Trademark Office including mentions of a potential NFT asset and other metaverse experiences so one filing even noted there’s potential for providing an online marketplace for the buyers of crypto and other types of assets.

The applications all center on the use of the YEEZUS brand which was the name of their 2013 album of Kanye. The trademark attorney Josh Gerben from Gerben Intellectual Property discovered the filings and noted that the applications were filed on May 27 and span a wide array of potential products outside of the crypto space like apparel, video games, amusement parks, cosmetics, and retail stores. The filings only listed a few basic descriptions of potential product offerings and don’t go into detail about the types of NFTs that West might pursue or what kind of metaverse experience he could deliver.

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The NFTs are blockchain-based assets that work as proof of ownership and it is often used for digital works like profile pictures, illustrations, music files, and video game items. The metaverse refers to the immersive future evolution of the internet where people use avatars to socialize and to even play and work. If West doesn’t enter the Web3 space with an NFT or another metaverse experience, he will enter the space crowded with other rappers. Snoop Dogg already released numerous NFTs and collaborated with the Sandbox and claims to be the pseudonymous NFT collector Cozomo de’ Medici.

Also, Ice Cube’s Big3 professional basketball league has decentralized team ownership in the form of NFT stakes which Snoop Dogg and other artists invested in. NAS is another rapper that was an early investor in Coinbase and released music NFTs via the Royal platform.

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