Rapper Jay-Z Dives Into NFTs
Shawn Carter (alias Jay-Z), considered an all-time revered musician, has been dabbling in the area of non-fungible tokens recently. ‘Heir To The Throne’ an NFT, will be shortly auctioned by Sotheby’s collaboration with the American rapper. Besides this, it has also come to light that Tidal, the music streaming service, will add NFT capabilities, following discussions between Jay-Z and Twitter CEO Jack Dorsey. A media proprietor, businessman, record executive, songwriter, and hip-hop artist, Jay-Z has now taken the plunge into the world of NFTs.
Cryptopunk #6095 was recently featured on Jay-Z’s Twitter profile, making his innumerable fans wonder whether the famous artist has bought the stellar Cryptopunk NFT. At today’s ETH exchange rate, Cryptopunk #6095 was sold for $119k or 55 ether, according to market data. ‘Reasonable Doubt ‘, a 25-year-old album by Jay-Z, will be sold as an NFT by Sotheby’s. The NFT was animated by well-known artist Derrick Adams, and the prize is called ‘Heir To The Throne. Sotheby’s Jay-Z digital auction started on June 25 and ends on July 2. In a statement, Sotheby’s said the digital collectible was inspired by Jay-Z and the rapper’s ‘life in the urban streets.’
In his meeting with Twitter CEO this week, the hifalutin rapper also discussed new-age technologies like blockchain and NFTs. Both Dorsey and Jay-Z are planning to apply blockchain technology to the music streaming service Tidal and have a financial stake in it. Jay-Z said that blockchain and smart contracts in artworks are a very transparent process. Citing an example, the rapper said that an artwork sold for a few hundred dollars was resold for $100k, claiming that a musician, the artist, can make a tremendous amount of money from the resale.
The Twitter CEO agreed with the comments of Jay-Z and said that Bitcoin had changed the dynamics of the financial marketplace, and there was a lot of weight in it in terms of value. Dorsey said that now anyone could contribute and become an artist, and one could receive grants, donations, or tips without having to go through a third party. Twitter CEO Dorsey believes that the spirit behind the NFT collectibles is similar as it helps artists build and help them in entirely new ways not yet tried.