Jay-Z – NFTexplained.info

Shawn Corey Carter, better known as Jay-Z, is a legendary hip hop artist widely regarded as the most influential rapper of all time. In addition to his music career, he is a successful businessman, founding multi-million dollar companies such as Rocawear, which generated over $700 million in annual sales. Jay-Z’s Twitter (X) profile picture is a CryptoPunk, purchased for $126,000, that mirrors his iconic hairstyle. Additionally, he auctioned an NFT titled 'Heir to the Throne,' a remake of the cover of his debut album 'Reasonable Doubt,' at Sotheby’s for $139,000, with a portion of the proceeds benefiting The Shawn Carter Foundation. On April 25, Jay-Z acquired one of the 10,000 CryptoPunks for 55 ETH. This CryptoPunk features a male wearing a gold chain, a rare attribute among CryptoPunks. Furthermore Jay-Z uses his CryptoPunk as his Twitter (X) profile picture, which provides a spotlight on the CryptoPunk collection to his millions of followers and to the broader music industry. If you want to learn more about CryptoPunks, including their unique features, market trends, and famous owners, click here. Jay-Z, known for his appreciation of fine art and frequent references to artists like Picasso in his songs, sees NFTs as a legitimate new medium for art. Sotheby’s decision to auction NFTs reinforces this perspective, aligning perfectly with Jay-Z’s vision. As a pioneer, Jay-Z has always set the standard for musicians to expand into other industries. His involvement in the NFT space, through his CryptoPunk purchase and the sale of 'Heir to the Throne,' suggests he views NFTs as a promising new business opportunity. Despite this new venture being promising, it has not been without its hardships; more specifically a legal lawsuit over an NFT, which we will examine in the coming sections. Jay-Z Sells Reasonable Doubt as an NFT Jay-Z teamed up with Derrick Adams, a multidisciplinary artist and professor at Brooklyn College, to create a unique NFT commemorating his debut album, ‘Reasonable Doubt’. On the album’s 25th anniversary, Adams crafted an NFT featuring captivating imagery and animated elements that reimagined the iconic album cover. This NFT was auctioned off at Sotheby’s for $139,000, with a portion of the proceeds benefiting the Shawn Carter Foundation. The physical artwork remains in Jay-Z’s possession. Derrick Adams incorporated his signature fragmented style into the piece, adding dynamic animations. In the NFT video version, he animated the red glow of the cigar Jay-Z holds, made Jay-Z’s signature diamond jewelry sparkle, and transformed the cigar smoke into the number 25. These creative touches offered a fresh take on the original 'Reasonable Doubt' album cover. Screenshot taken from Derrick Adams’ Twitter account The auction began with a starting bid of $1,000 and took place from June 29, 2021, to July 3, 2021. In addition to Sotheby’s main auction platform, the event was also hosted in Decentraland, one of the most popular blockchain games, specifically in the Voltaire Art District. For those interested in learning more about Decentraland, NFTexplained.info offers an in-depth article that explores various aspects of the virtual world, including the reasons behind its high-selling plots of virtual real estate. Sotheby’s has established itself as a leader among fine art auction houses in the NFT space. While Christie’s has also held numerous NFT auctions, Sotheby’s recent investments and sales, including the 'Reasonable Doubt' NFT and a prior auction for Pak, highlight its commitment to the digital art market. The NFT was minted using smart contracts on Manifold, a platform that allows creators to produce a wide range of digital products beyond just visual and audio NFTs. Renowned NFT artists, such as Nikolina Petolas, recommend Manifold. For insights into effective techniques on selling NFTs including those used by famous NFT creators, check out our article where we highlight nine strategies for growth. Jay-Z’s Reasonable Doubt NFT Lawsuit Jay-Z, a co-founder of Roc-A-Fella Records (RAF), alongside entrepreneur and successful record executive Damon Dash, faced a legal battle over the 'Reasonable Doubt' NFT. Jay-Z sued Damon Dash for attempting to sell the 'Reasonable Doubt' NFT without authorization. Despite owning a small portion of RAF, Dash was deemed not to have the rights to unilaterally sell company assets. Dash initially partnered with the NFT marketplace platform SuperFarm to auction the NFT. However, RAF lawyers intervened, prompting SuperFarm to cancel the auction. The record label also alleged that Dash continued to seek alternative platforms to sell the NFT. Jay-Z’s Influence on the NFT Space Jay-Z, a widely respected musician and astute investor, has significantly impacted the NFT space. His ventures and endorsements extend beyond informing his three million followers about NFTs through his profile picture; they reflect his confidence in the potential of this emerging market. Renowned for his savvy investments, including pre-IPO stakes in companies like Uber, Jay-Z, along with professional tennis player Serena Williams, recently invested $19 million into Bitski. Bitski is a platform designed for the secure buying and selling of NFTs through a highly secure wallet and was recently Purchased by Phantom. Bitski eventually got acquired by Phantom on 5/21/2024; Phantom is a non-custodial wallet that was primarily used for the Solana blockchain - at its inception - but was furthered developed to accommodate multiple chains. Jay-Z’s involvement and strategic investments highlight his belief in the future of NFTs, setting the stage for broader acceptance and innovation within the industry. I hope you found this article informative and continue to stay informed with NFT Explained. You can also find us on YouTube! If you wish to support our educational mission and protect your digital assets, please consider collaborating with our partners by purchasing a Ledger hardware wallet!