Iggy Azalea thinks non-fungible token (NFTs) "are just digital Beanie Babies".
Iggy Azalea has cast doubt on NFTs
The 31-year-old rap star has taken to Twitter to voice her doubts about NFTs - which are one-of-a-kind digital assets that can be bought and sold, but have no tangible form of their own - and has likened them to Beanie Babies, the stuffed toys that became hugely popular in the 90s.
Iggy wrote on the micro-blogging platform: "NFTs are just digital beanie babies. (sic)"
In response, one of Iggy's followers said: "they're like buying something and only keeping the receipt [crying emoji] (sic)"
The blonde beauty - who was born in Australia but moved to the US during her teens - then tweeted: "It’s buying something valueless based on a speculative bubble.
"That’s why I’d compare them to beanie babies. That’s not to say they aren’t still tons of fun tho. [smiling emoji] (sic)"
NFTs are now being tipped to become the digital answer to collectables, and some of them are already being sold for millions of dollars.
But Iggy remains unconvinced about their real value.
She said: "I guess I liken it to them because it’s something that’s only got interest in the market from the stories of high resale value (like the toy) and is less about genuine interest in the product/it’s usage. (sic)"
However, another of Iggy's followers challenge dher claims.
The individual said: "Some provide utility to services, others are just about the social groups that you become a part of, some provide repeated air drops of art or games. The possibilities are endless."
And then, Iggy replied: "To me it just sounds like they don’t have a real function and everyone’s desperately trying to justify a function and make it stick."
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