"I really was passionate, and quite frankly psychotic, about this makeup line," the rapper tells PEOPLE exclusively

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Iggy Azalea and BH Cosmetics Partner on Her First Cosmetics Collection Launching in ULTA
Credit: Thom Kerr

It's time to get over your fear of low-rise jeans and blue eyeshadow because early 2000s nostalgia is here to stay — and Iggy Azalea is the latest celeb to embrace it.

On Monday, the 31-year-old rapper announced a 13-piece collaboration with BH Cosmetics, marking the star's foray into the makeup industry. Available Aug. 29 on bhcosmetics.com and at in Ulta stores and online, the rapper's affordable, vegan and cruelty-free Totally Plastic collection is inspired by her teenage years and Y2K beauty trends in all their glory.

Iggy Azalea and BH Cosmetics Partner on Her First Cosmetics Collection Launching in ULTA
Credit: Thom Kerr

The capsule includes a 9-pan eyeshadow palette (with plenty of nostalgic frosty hues, of course!), high-shine lip gloss, false eyelashes, an inclusive face palette, vegan brush set, beauty sponge, travel case and a glitter hand mirror.

Iggy Azalea and BH Cosmetics Partner on Her First Cosmetics Collection Launching in ULTA
Credit: Courtesy of BH Cosmetics

Speaking exclusively with PEOPLE, the Australian rapper says Totally Plastic was inspired by the glamorous aesthetic and lifestyle of Young Hollywood It-girls in the early 2000s. "I wanted to be so immersed in that world," she explains. "There was always that question for me of what was real and what wasn't real. Because I wasn't from America, I didn't know."

"I loved Pink when I was a little girl, because she was so tomboy and she had the cool hair. I loved Destiny's Child, all three of the girls, obsessed. Christina Aguilera," Azalea continues. "Of course Britney [Spears]. She's an icon forever. I loved Lindsay Lohan, Paris Hilton and Hilary Duff too. There were so many."

Iggy Azalea and BH Cosmetics Partner on Her First Cosmetics Collection Launching in ULTA
Credit: Thom Kerr

The "Sip It" artist says her goal when creating the makeup collection was to tap into that "plastic" universe (the Y2k fantasy, if you will) in the same way she does with her other art forms.

"I want to continue a legacy of creating fantasy and escapism for people to enjoy," she says. "I just made myself the cool girl stuff that I would've wanted when I was that age and that, quite frankly, I still want now at 31, I have to admit."

And the result is "her new baby" — a launch Azalea had total creative control over and is "really passionate about."

Iggy Azalea and BH Cosmetics Partner on Her First Cosmetics Collection Launching in ULTA
Credit: Thom Kerr

"It really reminded me of creating merchandising, stage design, music video, single art. All these other elements to music that are visual that I am so deeply in love with and have so much fun with, really, I was able to implement in makeup in a way that I felt was so fun and nostalgic to me," she says of the makeup development process."

"These were all my ideas," the rapper continues, joking, "I enjoyed it so much, and I think that people will see that I really was passionate, and quite frankly psychotic, about this makeup line."