In a letter on Guns N' Roses' official website, the frontman thanked fans, the city of Cleveland and everyone who had shown support in the wake of his decision.
Rose said: "I seriously didn't plan on or expect the overwhelmingly positive response and public support for my decision regarding the Rock and Roll Hall of Fame.
"To be honest, I thought it would go the other way and was just hoping to weather the storm. As I said, I sincerely didn't want to disappoint anyone. It gets old being the outlaw even if 'it's only rock and roll'."
Rose goes on to say that despite having made "real efforts" to learn, he doesn't understand what the Hall is or how it functions financially.
He explained: "I still don't exactly know or understand what the Hall is or how or why it makes money, where the money goes, who chooses the voters and why anyone or this board decides who, out of all the artists in the world that have contributed to this genre, officially "rock" enough to be in the Hall?
"This isn't an attack. These are genuine issues I don't have enough verified information on to have more than rough ideas. Certainly not enough information to make any judgments about."
The band's Hall of Fame induction ceremony took place last Saturday (April 14) with Rose notably absent, having written a formal letter explaining that he would not feel "wanted or respected" by his bandmates were he to participate. Rose was reportedly booed by crowds at the event.
Former Guns N' Roses drummer Matt Sorum suggested this morning that a biopic about the band is in development.
Watch the video for Guns N' Roses' 'November Rain' below: