Jay-Z’s non-fungible token (NFT) auction ended with a final selling price of $ 139,000. The event was organized by the famous Sotheby’s auction house.
Jay-Z has sold his NFT
The auction was for a digital artwork by Derrick Adams, commemorating Jay-Z’s debut studio album “Reasonable Doubt”. 25 years have passed since the album was released last week. The famous rapper decided to take this opportunity by offering fans and investors a unique work of art.
The official name of the digital art is “Heir to the Throne: NFT in Celebration 25th Anniversary Jay-Z’s Reasonable Doubt by Derrick Adams.” It is worth adding that a work of art sold as NFT will also have a physical copy.
Bidding started at $ 1,000. The proceeds from the sale of the token have been donated to the Shawn Carter Foundation and other charities supported by Jay-Z.
The auction house commented on the matter:
Adams’s work reinterprets the album cover to create a new contemporary take on the image that defined the epoch – as a commentary and reminder that Reasonable Doubt remains important today as well.
“Reasonable Doubt” is Jay-Z’s first solo studio album, which was released on June 25, 1996 on Roc-A-Fella Records. The album also features such musicians as: Notorious B.I.G., Foxy Brown, Mary J. Blige, Memphis Bleek and Sauce Money.
In 2003, the album was ranked 248th on the list of 500 All-Time Albums of Rolling Stone biweekly.
NFT in the music market
Jay-Z is not the first musician to air NFT.
In April, we wrote that Eminem had partnered with Nifty Gateway, a platform owned by the Gemini exchange, to release its first non-removable token.
A similar decision was made recently by the Polish metal band Behemoth. The musicians celebrated the seventh anniversary of the release of their breakthrough album “The Satanist”. As part of the campaign, they released the NFT series entitled Seven Seals. Each NFT consists of a looped animation with sounds from the album “The Satanist”. The sound layer of the animation was prepared by Behemoth’s bass player, Tomasz “Orion” Wróblewski. The collection was sold at the auction.
Previously, the Megadeth group decided to take a similar step, which we wrote about here. The musicians released a theme called “Vic Rattlehead: Genesis”, which includes the band’s logo and their iconic mascot rotating in opposite directions for six seconds.
Slipknot member M. Shawn “Clown” Crahan sold his first NFT in early April. It was about a photo of the original Knotfest’s Electric Theater logo, where insects fly out … from his mouth.