In brief
- Iggy Azalea is backing a platform for “culture coins” called Thrust.
- The platform’s tokens are tied to legally binding contracts.
- Megan Fox is expected to introduce a token in December.
As part of her latest undertaking in crypto, Iggy Azalea is trying to prevent celebrities from profiting on Solana-based tokens at the expense of their fans.
The Australian rapper, who created a meme coin last year, is joining Thrust as creative director and strategic partner, according to a press release shared with Decrypt. The platform, which seeks to eliminate so-called pump-and-dump projects, was unveiled on Wednesday.
Thrust is trying to reshape how tokens tied to celebrities are broadly perceived, with an emphasis on participation, as opposed to speculation. In that sense, Thrust says it offers users culture coins, as opposed to run-of-the-mill meme coins.
Most tokens promoted by celebrities are short-lived, with prices crashing as quickly as they rise, but Thrust’s creators attribute that dynamic to insider allocations and bonding-curve mechanics on token launchpads like Pump.fun that may be difficult for users to grasp.
As part of her role at Thrust, Azalea will shape how “artists, celebrities, and creators enter the [crypto] space in a more sustainable and responsible way,” the press release states. She’s also an equity holder in the company, she told Decrypt.
“It’s not just that I aesthetically decide what things look like for Thrust as a company, but I’m a large part of the concepts when we’re white-gloving these celebrities onboard,” she said. “I guess it’s almost like being a godmother.”
Thrust says the launch of each culture coin is vetted, tied to legally binding contracts, and structured in a way to “protect both creators and fans.” Those features are designed to address what Thrust describes as “systemic problems that have plagued the space.”
Azalea’s meme coin, MOTHER, has outlasted a wave of tokens promoted by celebrities last year, including those attached to icons like Caitlyn Jenner, Jason Derulo, and Cardi B. Azalea’s token is expected to migrate to Thrust’s platform by the end of the year.
Not long ago, Azalea was leaning into an online casino that’s built around her MOTHER token, but she eventually realized that it “can’t onboard other people into this fucking chaos,” while creating value to “pay for things, throw events, [and] do stuff.”
As Thrust’s first culture coin, the company is tapping a streamer named N3on, who has around 440,000 on the streaming website Kick. His most popular video is a 30-second one of him playing the game Twister with a scantily clad companion.
Azalea told Decrypt that Thrust expects actress Megan Fox to offer a token in December, which will have its own live event, among others in the company’s pipeline.
“We’re coming out the gate hard,” she said. “They’re signed. These things are in motion. The dates are booked, and it’s happening.”
Haliey Welch, better known online as the girl behind “Hawk Tuah,” received backlash in December that forced her to temporarily step away from social media. The Tennessee native’s meme coin HAWK rocketed to a market cap of $490 million before collapsing 93% in value within minutes.
Azalea is no stranger to crypto-fueled controversy, herself. Before MOTHER debuted, a crypto promoter tied to Jenner’s meme coin collected $380,000 worth of presale funds and issued a token that was ultimately unaffiliated with the musician.
Thrust was co-founded by Jake Antifaev, a Canada-based entrepreneur, who previously worked on a cannabis startup specializing in e-commerce. In a statement, he noted that well-intentioned creators have been burned by “shady characters” when offering celebrity-linked tokens before.
“Celebrity coins got a bad reputation because they were never built on legitimacy or accountability,” he said. Anyone could launch one, and fans were left guessing what was real.”
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