{"id":8915,"date":"2021-06-29T12:54:04","date_gmt":"2021-06-29T12:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/legendary-hip-hop-artist-jay-z-enters-the-nft-sphere-rapper-lauds-blockchain-and-smart-contracts\/"},"modified":"2021-06-29T12:54:04","modified_gmt":"2021-06-29T12:54:04","slug":"legendary-hip-hop-artist-jay-z-enters-the-nft-sphere-rapper-lauds-blockchain-and-smart-contracts","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/legendary-hip-hop-artist-jay-z-enters-the-nft-sphere-rapper-lauds-blockchain-and-smart-contracts\/","title":{"rendered":"Legendary Hip-Hop Artist Jay-Z Enters the NFT Sphere \u2014 Rapper Lauds Blockchain and Smart Contracts"},"content":{"rendered":"

Widely regarded as one of the most influential hip-hop artists in history, Shawn Carter, professionally known as Jay-Z, has been dipping his toes into the ocean of non-fungible token (NFT) collectibles recently. The American rapper has also partnered with Sotheby\u2019s to auction an NFT called \u201cHeir to the Throne.\u201d Further, Twitter CEO Jack Dorsey and Jay-Z recently discussed adding NFT capabilities to the music streaming service Tidal.<\/strong><\/p>\n

Jay-Z Becomes a Cryptopunk<\/h2>\n

Jay-Z is a well-known hip-hop artist, songwriter, record executive, businessman, and media proprietor and the mogul is now getting into non-fungible token (NFT) collectibles. Just recently, Jay-Z changed his Twitter profile picture to Cryptopunk #6095<\/a> which made people think the legendary rapper had purchased the unique Cryptopunk NFT. Market data shows the Cryptopunk #6095<\/a> was sold for 55 ether or $119K using today\u2019s ETH<\/a> exchange rates.<\/p>\n

The Cryptopunk display on Twitter is not Jay-Z\u2019s only foray into NFTs, as the musician is also partnering with Sotheby\u2019s to sell an NFT based on his 25-year-old album \u201cReasonable Doubt.\u201d Jay-Z commissioned the popular artist Derrick Adams to animate the NFT and the collectible is called \u201cHeir to the Throne.\u201d The Sotheby\u2019s press release notes that the NFT collectible was inspired by Jay-Z and the digital artist\u2019s \u201clife in the urban streets.\u201d The Jay-Z NFT auction hosted by Sotheby\u2019s started on June 25 and ends on July 2.<\/p>\n

<\/p>\n

Jay-Z also discussed<\/a> NFTs and blockchain technology with Twitter\u2019s CEO Jack Dorsey this week. Both Dorsey and Jay-Z have a significant stake in the music streaming service called Tidal and are considering applying blockchain tech to Tidal\u2019s services. Jay-Z talked about a painting that was sold for a few grand and then resold later for $100K. \u201cWith these blockchains and these smart contracts,\u201d Jay-Z stressed that the original artist\u2019s family or the artist himself could have gotten a profit from re-sales because \u201cit\u2019s very transparent.\u201d<\/p>\n

Jack Dorsey agreed with Jay-Z\u2019s assessment and talked about how bitcoin has changed the dynamic. \u201cYou 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\u2019s a lot of power in that,\u201d Dorsey remarked.<\/p>\n

The Twitter CEO believes that the spirit of non-fungible token (NFT) collectibles is similar. \u201cA lot of our focus going forward is to make sure that we\u2019re just looking deeply at entirely new ways to give artists the right tools to help them and to build,\u201d Dorsey added.<\/p>\n

Jay-Z\u2019s NFT exhibition premiered at Sotheby\u2019s New York, but people can also view the artwork via the metaverse Decentraland. The hip-hop artist noted that a portion of the proceeds from the auction will go to the Shawn Carter Foundation. The Foundation is a charitable effort that helps people afford secondary schooling and gives money to low-income neighborhoods.<\/p>\n

What do you think about rapper Jay-Z dipping his toes in the blockchain and NFT industry? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nBlockchain, Bitcoin, Blockchain tech, collectibles, Jay Z, Music Streaming Service, nft, Non-fungible Token, rapper, reasonable doubt, Smart Contract, Sotheby’s Jay-Z, Sotheby\u2019s, TIDAL, Twitter CEO<\/p>\n","protected":false},"excerpt":{"rendered":"

Widely regarded as one of the most influential hip-hop artists in history, Shawn Carter, professionally known as Jay-Z, has been dipping his toes into the ocean of non-fungible token (NFT) collectibles recently. The American rapper has also partnered with Sotheby\u2019s to auction an NFT called \u201cHeir to the Throne.\u201d Further, Twitter CEO Jack Dorsey and…<\/p>\n","protected":false},"author":0,"featured_media":8916,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8915"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8915"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8916"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}