Check Out Jay-Z’s First NFT – Rapper Backs Blockchain & Smart Contracts

It’s no secret that rapper-turned-mogul Jay Z is a big crypto fan. Back in February, he and Twitter CEO Jack Dorsey pledged 500 Bitcoin to a trust that supports Africa and India (which was worth a lot more then than it is now!), now he’s enlisted artist Derrick Adams to deliver an animated version of his Reasonable Doubt album cover which is currently for sale on Sotheby’s website.

It’s essentially a GIF that features Adams’ take on the cover that swaps between frames over 11 seconds. The bid is at $35K USD at the moment, so if you get your (digital) mitts on a piece of Young Hov’s career, you can do it for a small truckload of cash. Who knows what it will be worth by the time of the album’s 50th anniversary…

Yesterday, in conversation with Dorsey at a Twitter conference, Jay Z heaped praise on the openness of the crypto world. “With these blockchains and these smart contracts, “it’s very transparent,” he said in relation to artists receiving their fair share of the sale. Jack Dorsey agreed, adding “You look at Bitcoin and how it enables people anywhere in the world to contribute and to become artists themselves and also to receive tips or grants or donations without having to go through any third-parties, there’s a lot of power in that.”

Just recently, Jay-Z changed his Twitter profile picture to Cryptopunk #6095 which made people think the legendary rapper had purchased the unique Cryptopunk NFT. Market data shows the Cryptopunk #6095 was sold for 55 ether or $119K using today’s ETH exchange rates.

Despite recent crypto crashes, it seems that blockchain technology and NFT aren’t going anywhere and, if Jay-Z’s track record is anything to go by, it should be a pretty lucrative story for those involved.

Source

Leave a Reply

Your email address will not be published.