Iggy's commercialization plan is not just about Meme.
Organized & Compiled by: Deep Tide TechFlow
Host: Laura Shin, writer and host of Unchained
Guest: Iggy Azalea
Podcast Source: Unchained
Original Title: Iggy Azalea on Memes, OnlyFans, and Her Plans to Make MOTHER a Success
Broadcast Date: July 17, 2024
Key Points Summary
Iggy Azalea shared the origin story of the $MOTHER token on the Unchained program. Iggy mentioned that she had almost encountered a scammer using her name to issue a coin. To protect her reputation, she decided to quickly assemble a team and release her own token before the scammer. She plans to conduct a large-scale marketing campaign to address the issue of price decline.
As a master of memes and OnlyFans, she emphasized the importance of community cultivation and personal interaction. She discussed how she plans to leverage her experience in these two areas to make MOTHER successful, even though she has not yet profited from the token.
She also discussed her conflicts with Ethereum founder Vitalik Buterin, emphasizing the balance between entertainment and functionality, as well as the importance of popular culture in popularizing cryptocurrencies. She provided a detailed response to allegations of insider trading with MOTHER, explaining the confusion during the token issuance and denying the accusation of selling $2 million worth of tokens. To avoid regulatory action, Iggy hired a professional cryptocurrency legal team and emphasized the importance of compliance with the law.
How Iggy Entered the Blockchain Field and Became Interested in Cryptocurrency
Iggy stated that she entered the blockchain field and became interested in cryptocurrency through her brother. While she had some understanding of cryptocurrency and NFT projects as a celebrity, it was her brother who truly deepened her understanding and involvement in this field. Iggy mentioned that she became more interested in cryptocurrency during the NFT boom in 2021, but she was not familiar with the specifics of meme coins and trading.
Her brother not only introduced her to these concepts but also made her excited and curious about this field. Iggy admitted that she often relies on her brother's opinions because he has much more experience in this field than she does. Ultimately, encouraged by her brother, Iggy actively participated and launched her own cryptocurrency "Mother."
How Iggy's Understanding of Memes and the Attention Economy Influenced Her Music Creation and the MOTHER Project
Iggy's deep understanding of memes and the attention economy has profoundly influenced her music creation and her "MOTHER" project. Iggy stated that she has always been interested in memes and has read many books about memes. As a celebrity, she believes she is involved in the attention economy, which also underpins meme coins. She mentioned that memes, as a cultural unit, have sparked her strong interest due to their dissemination and influence.
In her music career, Iggy used viral marketing to promote her work. Coming from the YouTube era, she gained fame through viral videos on Twitter and YouTube. For her, creating viral content was integral to her music success. She often spent a lot of time planning these viral marketing campaigns, sometimes even more time than creating music itself.
When her brother introduced her to meme coins and the attention economy, Iggy found herself very familiar with these concepts. She believes that while meme coins may be presented in more traditional ways, such as Pepe or animal illustrations, memes can be any form of "cultural sticky unit," including language and slang.
Iggy stated that she enjoys challenges and being a trailblazer, especially in fields with fewer female participants. Through the "MOTHER" project, she hopes to create a blue-chip project. Although she is no longer making music, her entrepreneurial projects have given her rich creative and marketing experience, enabling her to apply these skills to the cryptocurrency field.
She mentioned that the community and fun of cryptocurrency and meme coins attracted her. Despite the pressure and learning curve of having a token, she enjoys it. She believes that this chaos and challenge remind her of the feeling when she first started her music career, bringing her new vitality and excitement.
The "Impersonation" Incident that Led to the Release of MOTHER
The release of Iggy's "MOTHER" project was actually triggered by her encounter with someone believed to be a cryptocurrency scammer, Sahil Arora, in the cryptocurrency field. Iggy explained that while she did not directly contact Sahil, her team had been in contact with him.
Iggy mentioned that she had been interested in meme coins and had delved into this field during the summer with her brother. She began discussing the prerequisites for launching a project with her team and hoped to find a team to help her handle the technical details.
Unfortunately, her team made contact with Sahil Arora through a mutual contact. Sahil posted pre-release information about the Iggy token in a Telegram group, despite Iggy not collaborating with him. Iggy immediately clarified on Twitter that she had no association with this token. However, Sahil countered, accusing Iggy of lying and claiming that the token would still be released. Iggy did not want her name to be associated with this scam, especially when she had a genuine interest in this field.
To protect her reputation, Iggy decided to quickly assemble a team and release her token before Sahil. She had originally planned to release the project at the end of July or early August, but due to this unexpected incident, she had to complete the release within 24 hours. Despite the highly tense and chaotic process, Iggy stated that she believed in the alignment of the stars and decided to go along with this unexpected situation. In the end, she successfully released the "MOTHER" project and was satisfied with the results, despite the challenges and pressure involved.
Iggy's commercialization plan is not just about Meme
Iggy plans to integrate her token into multiple business projects and adopt a series of strategies to achieve this goal. Her ultimate goal is to integrate her token and cryptocurrencies, especially the Solana blockchain, as much as possible into her business operations and add more functionality to her token.
Iggy plans to integrate her token and other cryptocurrency payment options into her mobile communications company, Unreal Mobile. Users can pay for their mobile plans using cryptocurrency, which is an innovative payment method.
Dreambolt is a gifting platform with 17 million product SKUs. Users can purchase or gift any linked product on this social site. Iggy plans to offer a 10% discount to users who use her token, making it more attractive. Users can purchase a variety of products, from Apple headphones to Louis Vuitton handbags.
Iggy hopes to attract more people who are not in the cryptocurrency community by integrating cryptocurrency payments into her products. She believes that integrating cryptocurrency payments in her products can spark the interest of those unfamiliar with cryptocurrency. She hopes her token will not only be an entertainment meme coin but also provide practical value in retail and payments.
Iggy recognizes the debate about functionality and entertainment in the meme coin space. She hopes to find a balance that allows her token to have the community and entertainment aspects of traditional meme coins while quietly adding utility without disrupting the user experience.
Iggy realizes that many people outside the cryptocurrency space find its value difficult to understand. She hopes to make it easier for these people to accept and understand cryptocurrency by increasing the utility of the token, such as its payment function. This helps answer the "why" question and allows more people to understand and accept the value of cryptocurrency.
Iggy also plans to create a Mother Ventures fund to identify and invest in other non-meme coin projects, further expanding her business portfolio.
Through these strategies, Iggy hopes her token will not only be an entertainment project but also provide value to users in practical applications, while attracting more people to the cryptocurrency space.
Why Choose DWF Labs and Wintermute as Market Makers, and the Reason for Naming "Mother"
DWF Labs is very strong in the Asian market, and Iggy believes their expertise and influence in this region are crucial for her project. She hopes to leverage DWF Labs' resources and connections to penetrate the Asian market, which is a challenge for a project based in the United States. DWF Labs can help her access the right influencers and business opportunities, ensuring the success of her project in the Asian market.
Wintermute has a strong reputation in the cryptocurrency field. Iggy hopes that by partnering with Wintermute, she can demonstrate the legitimacy and credibility of her project to other exchanges and market participants. As a celebrity token, Iggy knows that many celebrity tokens are scams, so she needs a reputable market maker to support her project and make others believe that her project is serious and trustworthy.
Iggy chose "Mother" as the name of the token because the concept of motherhood has universality and cultural significance. Everyone has a mother, making this concept widely appealing and resonant.
Iggy believes that language itself can also be a form of meme. Through the term "Mother," she hopes to create a concept that can spread and become popular on the internet.
Iggy hopes that by using this open-ended naming, the community can determine the specific memes. She believes that defining memes too specifically may limit their potential for dissemination and popularity. Therefore, she chose a more broad and open concept, allowing the community and the internet to naturally determine its direction of development.
Currently, memes for the "Mother" token mainly revolve around Iggy's personal image, which has attracted a lot of attention and discussion on social media. Although this may not have been her initial intention, this natural evolution aligns with her understanding of meme culture, where they are determined spontaneously by the community and the internet.
By choosing DWF Labs and Wintermute as market makers and naming her token "Mother," Iggy demonstrates her thoughtful strategy and emphasis on community engagement. These decisions not only contribute to the success of her project in different markets but also enhance its legitimacy and appeal in the cryptocurrency field.
From OnlyFans to MOTHER, Community Relations Trump All
Iggy learned a lot about community cultivation and personal interaction from her experience on the OnlyFans platform, which has been very helpful in her application to the MOTHER project. Here's how she applied these experiences to MOTHER:
On OnlyFans, Iggy found that many users were more interested in personal interaction and friendship rather than just consuming content. By engaging in daily conversations and interactions with users, she built deep emotional connections. This one-on-one interaction made users feel cared for and valued. She applied this to the MOTHER project by engaging in voice messages and direct conversations with users in Telegram groups, building closer community relationships.
Iggy also learned how to create small groups within the community on OnlyFans, fostering cross-friendships among users. This approach helps build a tighter and more interactive community, making users not just passive content consumers but part of the community.
On OnlyFans, Iggy found that user loyalty and engagement often surpassed monetary transactions. For example, some users would reach out to her through other platforms to express their love and support when they couldn't afford subscription fees. This indicates that emotional connection and a sense of belonging have significant value in the community. She applied this to the MOTHER project, striving to create emotional value beyond money, keeping users engaged and loyal even during market fluctuations.
Iggy realized that on OnlyFans, income depended more on her exposure on other platforms or media rather than the content she posted on OnlyFans. This is an attention economy, and she attracted more users to her OnlyFans page by being active on other platforms. She applied this strategy to the MOTHER project by increasing exposure on social media and other platforms to attract more users to join and participate.
Iggy's experience on OnlyFans taught her that building a successful community takes time and continuous effort. While her income on OnlyFans was initially very high, long-term success depended on ongoing community cultivation. Similarly, in the MOTHER project, she takes a long-term view, focusing on building a lasting community and project rather than pursuing short-term profits.
Through the application of these experiences, Iggy hopes to build a strong, interactive, and valuable community in the MOTHER project, making it not just a meme coin project but a community with practical value and emotional connections.
Iggy's Response to Criticism from Vitalik Buterin
Iggy responded to criticism from Vitalik Buterin. Vitalik had expressed dissatisfaction with the current trend of celebrity tokens on Twitter, suggesting that these experiments should focus more on meaningful goals such as healthcare, open-source software, and art. Iggy's response mainly includes the following points:
Iggy believes that the internet and the cryptocurrency space both need a balance of entertainment and functionality. She points out that the internet was originally created for practical purposes, but with cultural intervention, it has also become a world filled with entertainment and non-functional content. She believes that cryptocurrency and Web3 also need this balance, requiring both people like Vitalik who focus on functionality and ethical goals, as well as elements of entertainment and popular culture.
Iggy emphasizes the role of popular culture and entertainment in attracting the public to participate in and popularize cryptocurrency. She believes that while celebrity tokens may not be necessary, elements of popular culture can help a wider audience understand and accept cryptocurrency. She hopes to integrate popular culture into the cryptocurrency space through her project MOTHER, thereby achieving broader acceptance.
Iggy acknowledges that Vitalik is correct in some aspects, especially regarding the potential narcissistic and off-putting elements of celebrity tokens. However, she also points out that her MOTHER project is not just a celebrity token but a broader meme coin project aimed at creating wider appeal. She mentioned that her project already has a charity program and has donated over $200,000 to a wildlife conservation organization in Australia.
Iggy detailed her charity program, explaining her collaboration with the Krumman Sanctuary in Australia to help protect endangered koalas. She believes that this charity program not only aligns with her personal interests and background but also resonates with the theme of her token "Mother," emphasizing the concept of care and protection.
Iggy also mentioned the importance of the entertainment economy. She pointed out that on OnlyFans, her income depended more on her exposure on other platforms or media rather than the content she posted on OnlyFans. She applied this strategy to the MOTHER project by increasing exposure on social media and other platforms to attract more users to join and participate. At the same time, she takes a long-term view, focusing on building a lasting community and project rather than pursuing short-term profits.
Through these responses, Iggy demonstrates her deep understanding of the cryptocurrency space and her determination to integrate popular culture with cryptocurrency. She hopes to create a community through her project MOTHER that has both entertainment value and practical value, thereby achieving broader acceptance and adoption.
Strategies Iggy Believes Can Help $MOTHER Recover from the Downturn
In an interview, Iggy provided a detailed response to the issue of the MOTHER token's price decline. Here are her main points and plans:
Iggy acknowledges that the price decline of the MOTHER token is partly due to the overall market downturn. However, she believes that MOTHER's market performance is below expectations, even considering the overall market impact. She stated that if it were solely due to market factors, MOTHER's market cap should be between $80-90 million, rather than the current $35 million.
Iggy stated that she could have taken action earlier to correct the price trend, but she was advised by consultants to consider it as normal market fluctuations. She now realizes that MOTHER's performance is below market expectations and requires more proactive measures to improve.
Iggy detailed her future plans to drive the value recovery of the MOTHER token:
Dream Vault Project: She plans to launch the Dream Vault project and allow payments using the MOTHER token. She believes this is an important practical feature that can add value to the token.
Mother Knows Best Podcast: She will launch a podcast called Mother Knows Best, scheduled to begin at the end of August. She hopes to attract more attention and participation through this podcast and related digital marketing activities.
Exchange Listings: While she has plans to list MOTHER on more exchanges, she does not want MOTHER to be solely a token that gains attention due to exchange announcements. She believes that greater practical functionality and appeal are needed to drive the token's value recovery.
Iggy mentioned that she is working with DWF to conduct large-scale marketing activities in the Asian market. She believes that MOTHER's visibility in the Asian market is still low, presenting a significant growth opportunity. She hopes to attract more users and investors through the token's first appearance in the Asian market.
Iggy acknowledges that the market is currently fatigued with celebrity tokens and the overall market. She hopes that with the market's recovery and her significant projects, she can drive the value recovery of the MOTHER token. She also recognizes that as a celebrity token, there is a certain double-edged sword effect. While the celebrity effect can attract initial attention, it may also bring short-term speculation and uncertainty.
Iggy stated that she is confident in the long-term prospects of the MOTHER token. She mentioned that many successful tokens have experienced significant pullbacks and accumulation at low levels before eventually achieving explosive growth. While she cannot guarantee that the MOTHER token will reach similar heights, she will make every effort to drive the project's development.
Iggy emphasized that she does not solely rely on market fluctuations to drive the token's value. She has many behind-the-scenes plans aimed at increasing the token's practical functionality and community engagement. She hopes that through these efforts, she can create a more stable and attractive market environment for the MOTHER token.
Through these responses, Iggy demonstrates her deep understanding of the MOTHER token and her determination to drive the project's development. She hopes to achieve the value recovery and long-term success of the MOTHER token through increased practical functionality, market expansion, and community building.
Denial of Insider Trading and Selling $2 Million Worth of Tokens Accusations
Iggy strongly denies that she sold $2 million worth of tokens. She stated that the accusation has made her very angry because she did not engage in such activity. She pointed out that multiple platforms and institutions, including Deck Screener and Wintermu, have reviewed her token and given it a 99% legitimacy rating.
Iggy explained that she, like others, purchased tokens from the market during the token issuance. She spent approximately $1.2 million to purchase tokens, ultimately holding about 3% of the supply. She has allocated some of these tokens to DWF and Wintermu and has already burned a portion, approximately $250,000 to $300,000 worth of tokens.
Iggy detailed the chaos during the token issuance. She explained that there were rumors in the market about her token being called MOTHER before she announced the contract address. This led to many people buying the tokens in advance, resulting in a large number of unidentified holders during the issuance. She expressed that this situation made her very concerned because she could not determine if these holders would sell the tokens in the short term, affecting the market price.
Regarding the Bubble Maps accusation, Iggy stated that she does not know the people accused of insider trading. She believes that these individuals may have used AI or other technological means to obtain information about the token in advance and made significant purchases. She emphasized that these individuals are not her insiders, and she cannot control their actions.
Iggy described the psychological pressure during significant token price fluctuations. She expressed feeling very panicked when the token price dropped from $50 million to $4 million because she could not control the market trends. She believed that this situation was a huge challenge for a celebrity token issuer.
Despite facing significant market pressure and uncertainty, Iggy stated that she has persisted with her initial plan and has not chosen to give up or change the concept of the token. She believed that as the project's founder, she has a responsibility to persevere, even if the market performance is poor.
Iggy emphasized that she hopes to drive the long-term success of the token by increasing its practical functionality and community development. She stated that although she has not profited from the token yet, she is confident about the future and will continue to work hard to drive the project's development.
Is she worried about regulatory scrutiny and her response measures
Iggy stated that she is very aware of the regulatory issues that other celebrities have faced when entering the cryptocurrency space. For example, Kim Kardashian reached a settlement with the U.S. Securities and Exchange Commission (SEC) for promoting a certain token, and Floyd Mayweather was also accused of promoting a scam. She also mentioned that celebrities like Tom Brady, Larry David, and Gisele Bündchen were affected by the FTX fraud incident.
To address potential legal and regulatory issues, Iggy immediately hired a professional cryptocurrency legal team, including Fenwick and West and Guidepost. She explained that these lawyers helped her understand how to operate the token project legally and avoid breaking the law. She emphasized that these legal teams review her tweets daily and provide legal advice to ensure her actions comply with regulations.
Iggy emphasized that as a non-U.S. citizen, she places great importance on complying with U.S. laws. She pointed out that if she were to commit any illegal acts in the U.S., it could lead to her deportation, which is the most frightening thing for her. She explained that her legal team not only helps her understand what constitutes a security and what does not but also helps her understand the language and symbols to avoid using in tweets and marketing.
Iggy mentioned that the cryptocurrency space has many gray areas in terms of law, making it difficult for her to obtain clear answers through online searches. Therefore, she relies on multiple legal opinions provided by her legal team to ensure that her actions are legal. She stated that having multiple legal opinions makes her feel more secure when dealing with the token project.
Iggy believes that celebrities need to be more cautious when promoting cryptocurrencies. She pointed out that while adults are responsible for their investment decisions, celebrities, as public figures, have a significant influence on their fans and investors. Therefore, she believes that celebrities have a moral responsibility for the products and projects they promote, especially when real money investments are involved.
Iggy stated that if she were to face fines for promoting the token, she believes it would be fair because the market needs a certain level of regulation to protect investors. She emphasized that celebrities need to realize their responsibility when promoting cryptocurrencies and consider the actual impact of their actions on investors' lives.
Iggy's View on Celebrities Issuing Memecoins
Iggy stated that she understands some of the criticisms of celebrities issuing meme tokens, especially those celebrities who enter the cryptocurrency space solely for quick profits. She pointed out that many celebrities just want to release a contract address and then attempt to extract liquidity without truly investing time and effort into developing the community or driving the token's long-term growth.
Iggy emphasized that she is not the type of celebrity who entered the cryptocurrency space solely for quick profits. Although she did not have much experience when entering this space, she is now actively involved in trading and investing and is collaborating with Joe McCann to develop a venture capital firm. She stated that she has a genuine interest in the cryptocurrency space and hopes to bring value to the field through her efforts.
Iggy mentioned that she often advises other celebrities who want to issue tokens. She believes that celebrities should first privately engage in cryptocurrency trading, understand the field, and then consider issuing their own tokens. This can ensure that they have a deeper understanding of the field rather than entering solely for quick profits.
Iggy believes that both celebrities and ordinary individuals have the right to enter the cryptocurrency community in any way they see fit. She believes that the important thing is to genuinely participate in the community after entering, rather than just extracting liquidity. She emphasized that as long as celebrities sincerely want to contribute to the community, their entry method is not important.
Iggy reflected on the critics' viewpoints and stated that she understands the concerns behind these criticisms. She believes that celebrities need to be responsible for their actions, especially when real money investments are involved. She hopes that celebrities will take their roles in the cryptocurrency space seriously and ensure that their actions do not have a negative impact on investors.
Does Iggy prefer Solana or Ethereum
Iggy believes that Solana and Ethereum are completely different blockchains. She pointed out that Ethereum has its unique cultural influence, especially in 2021, where many discussions about NFTs and other entertainment projects were centered around Ethereum.
Iggy thinks that currently Solana is more influential in certain aspects, especially in terms of speed and cost. She mentioned that Solana is seen as a faster, cheaper option and has a greater influence in popular culture. She believes that Solana has to some extent been branded as a "trendy" choice, attracting many users interested in meme coins.
Despite her appreciation for Solana, Iggy emphasized that Ethereum will always exist and is very important. She does not see Ethereum as just an "old guard" but as an essential part of the ecosystem.
Iggy does not like to directly compare Solana and Ethereum. She believes that they are in different stages of their lifecycles, each with its own advantages and necessity. She hopes to be involved in the development of the Solana project, even though she will not be directly involved in development. She hopes to provide liquidity and support to the Solana project through venture capital and other means.
Iggy stated that Solana's position in popular culture is the main reason that caught her attention. She likes the rapid rise of Solana in popular culture and believes it is beneficial for the entire cryptocurrency ecosystem.
Iggy concluded by saying that both blockchains play important roles in the ecosystem, and she hopes to see more projects develop on Solana while also recognizing the ongoing importance of Ethereum.
How she guides other celebrities into cryptocurrency and plans to integrate $MOTHER into mainstream culture and fan interaction
Iggy expressed a strong desire to guide other celebrities into the cryptocurrency space, but she also recognizes that it is not easy. She mentioned that many celebrities are interested in cryptocurrency but need a structured and credible way to enter the field. She hopes to collaborate with large organizations like Live Nation to create a structure similar to a record company, making it easier for celebrities to issue and manage their tokens.
Iggy emphasized that issuing tokens alone is not enough; these tokens need practical use cases and integration into the celebrity's fan culture. She proposed specific use cases such as:
- Priority Meet-and-Greet Opportunities: Fans can gain priority to meet the celebrity by holding tokens.
- Special Merchandise: Token holders can purchase limited edition merchandise.
- Discounted Tickets: Tokens can be used to purchase concert tickets at a discount.
Iggy believes that there is currently a lack of sufficient structural support in the market to help celebrities enter the cryptocurrency space smoothly. She mentioned some possible solutions, such as collaborating with Live Nation to leverage its existing touring and signed artist resources, as well as some technological solutions like Tip Link or Uphold to simplify transactions and token management.
Iggy's long-term goal is to be a key driver in this process, helping to create a structure that benefits both celebrities and the cryptocurrency community. She hopes to prove that this model is viable and provide a successful example for other celebrities.
Iggy also mentioned that she hopes to better integrate the $MOTHER token into mainstream culture and fan interaction. She believes that by providing practical use and value, the $MOTHER token can become a new way for fans to interact with her. She is in discussions with major players and tech startups to explore how to achieve this goal.
Iggy stated that she is currently developing these ideas and hopes to make more progress in the next six months. She aims to become a significant driver in this field and help other celebrities successfully enter the cryptocurrency market.
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