Music industry mogul Shawn Carter, professionally known as Jay-Z, has recently stepped foot into the world of non-fungible tokens (NFT). That’s right, as far as culture is concerned Non Fungible Tokens have “arrived” with the official Jay-Z NFT. The American musician and businessman has taken interest in NFTs as not just a buyer, but also as a seller in partner with Sotheby’s, and as an innovator with Tidal.
Jay-Z has made his debut into NFTs by purchasing the unique Cryptopunk #6095 NFT. After recently changing his Twitter profile picture this NFT, people are certain that he was the buyer of this expensive piece of digital art. In fact, it sold for 55 ether, which translates to around $119k USD.
Jay-Z launches NFT in partner with Sotheby’s named “Heir to the Throne”
That purchase was just a small glimpse of Jay-Z’s involvement with this new crypto marketplace, there will be an official Jay-Z NFT backed by the mogul himself. Jay-Z is partnering with world-renowned broker and auction house Sothesby’s to sell an NFT based off of his debut studio album “Reasonable Doubt.” As of this year, the album is 25-years-old, being originally released in 1996. Derrick Adams, a popular artist, has been commissioned to animate the NFT collectible named “Heir to the Throne.” According to Sothesby’s, this NFT is inspired by Jay-Z’s “life in the urban streets.” The auction hosted by Sothesby’s started on June 25 and will end on July 2. The current bid is at 2.28 ether which is currently worth around $5,000.
Jay-Z and Twitter CEO Jack Dorsey discussed integrating NFTs in a recent Twitter Spaces discussion
Jay-Z is bringing his interest in NFTs beyond buying and selling, and is looking to integrate this unique marketplace and blockchain technology into Tidal, a music streaming service that he owns a large stake in. Though there’s no set plans yet, Twitter’s CEO Jack Dorsey and Jay-Z held a Twitter Spaces conference discussing the matter and their plans to integrate it. Their goal is to provide new tools for artists to make money directly from fans, helping them towards financial freedom.
Jay-Z and Jack Dorsey discussed some of the upcoming potential changes with Tidal. Jay-Z said, “We’re working on a lot of exciting things in this area. These things will develop over time in these first 100 days, and as we get feedback and hear from you guys, we will add to it. Anything that makes sense.”
Dorsey concluded, “Any tools that we build, the intention is that wherever an artist wants to go with them, they go. We’re not interested in creating a closed ecosystem. We’re going to focus on those tools to make the artist shine and give them what they need to thrive in every way.”
How Much Would You Pay For The Jay-Z NFT?
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