Considered one of the most influential hip-hop artists in history, Shawn Carter, professionally known as Jay-Z, has recently joined the non-fungible token (NFT) hype. The American rapper entered into a partnership with Sotheby’s in an NFT auction called “Heir to the Throne”. Twitter CEO Jack Dorsey and Jay-Z also recently discussed adding NFT features to Tidal’s music streaming service.
Jay-Z joined the NFT
Jay-Z, a well-known hip-hop artist, composer, CEO, businessman and media owner, has now joined the NFT collectibles sector. Recently, Jay-Z changed his Twitter profile picture to Cryptopunk # 6095, making people think the legendary rapper bought the NFT Cryptopunk. Market data show that Cryptopunk # 6095 was sold for 55 ETH.
The musician is also working with Sotheby’s on the sale of NFT based on his 25-year-old album “Reasonable Doubt”. Jay-Z commissioned popular artist Derrick Adams to animate the NFT, and the collector’s item is called “Heir to the throne“. A Sotheby press release states that the NFT Collector’s Edition was inspired by Jay-Z and “life on city streets.” The auction has finished and NFT has sold for 138 600 USD.
Jay-Z also discussed NFT and blockchain technology with Twitter CEO Jack Dorsey this week. Both Dorsey and Jay-Z have a significant stake in the music streaming service called Tidal and are considering using blockchain technology for the platform’s services. Jay-Z talked about the painting, which was sold for a few thousand and then sold later for $ 100,000. He stated that “with these blockchains and smart contracts, the family of the original artist or the artist himself can generate a profit from resale because it is very transparent.”
Jack Dorsey agreed with the evaluation and talked about how BTC changed the dynamics. “Look at BTC and how it allows people anywhere in the world to contribute and become artists themselves, as well as accept tips, grants or donations without having to deal with third parties, there’s a lot of strength in that.”
The CEO of Twitter believes that the spirit of NFT collectibles is similar. “In the future, we want to make sure we use more completely new ways to give artists the right tools to help them create.”
The Jay-Z NFT exhibition premiered at Sotheby’s New York, but people can also view artwork through the Decentraland metaverse. The hip-hop artist noted that part of the proceeds from the auction will go to the Shawn Carter Foundation, which helps people afford education and provides money to low-income people.