Legendary hip-hop artist Jay-Z enters the NFT sphere – rapper praises blockchain and smart contracts – Blockchain Bitcoin News
Widely considered one of the most influential hip hop artists in history, Shawn Carter, professionally known as Jay-Z, has recently been dipping his toes in the ocean of non-fungible token (NFT) collectibles. The American rapper has also partnered with Sotheby’s to auction an NFT called “Heir to the Throne”. In addition, Twitter CEO Jack Dorsey and Jay-Z recently talked about adding NFT capabilities to the Tidal music streaming service.
Jay-Z becomes a crypto punk
Jay-Z is a well-known hip hop artist, songwriter, record manager, businessman, and media owner, and the mogul is now into non-fungible token (NFT) collectibles. Just recently, Jay-Z changed his Twitter profile picture to Cryptopunk # 6095, which led people to believe the legendary rapper bought the one-of-a-kind Cryptopunk NFT. Market data shows that the Cryptopunk # 6095 sold for 55 ethers, or $ 119,000 at today’s ETH exchange rates.
The cryptopunk ad on Twitter isn’t Jay-Z’s only foray into NFTs, as the musician is also working with Sotheby’s to sell an NFT based on his 25-year-old album, Reasonable Doubt. Jay-Z hired popular artist Derrick Adams to animate the NFT, and the collectible is called Heir to the Throne. Sotheby’s press release states that the NFT collectible was inspired by Jay-Z and the digital artist’s “Urban Street Life”. The Jay-Z NFT auction, hosted by Sotheby’s, began on June 25th and ends on July 2nd.
Jay-Z too discussed NFTs and Blockchain Technology with Twitter’s CEO Jack Dorsey this week. Both Dorsey and Jay-Z are instrumental in the music streaming service Tidal and are considering applying blockchain technology to Tidal’s services. Jay-Z talked about a painting that sold for a couple of grand and later resold for $ 100,000. “With these blockchains and these smart contracts,” Jay-Z emphasized that the original artist’s family or the artist themselves could have made a profit from the resale because “it’s very transparent”.
Jack Dorsey agreed with Jay-Z’s assessment and spoke about how Bitcoin has changed the dynamics. “When you look at Bitcoin and how it enables people all over the world to contribute and become artists themselves, and also get tips or grants or donations without going through third parties, there is a lot of power in that,” Dorsey noted .
The Twitter CEO believes the spirit of non-fungible token (NFT) collectibles is similar. “Our main focus going forward is looking at completely new ways to give artists the right tools to help and build,” added Dorsey.
Jay-Z’s NFT exhibition premiered at Sotheby’s New York, but people can also see the artwork through Metavers Decentraland. The hip-hop artist noted that a portion of the proceeds from the auction will go to the Shawn Carter Foundation. The foundation is a not-for-profit initiative that helps people afford high school and donates money to low-income neighborhoods.
What do you think of rapper Jay-Z dipping his toes into the blockchain and NFT industries? Let us know what you think on this matter in the comments below.
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