Rap legend and media mogul from Brooklyn looks to join the crypto space, changing his profile picture to a recently sold NFT while simultaneously selling his own NFT.
Jay Z Drops Twitter Hints
Jay Z has changed his Twitter profile picture to a CryptoPunk NFT #6095 that he had purchased from OpenSea. The musician, born Shawn Carter, rarely posts on his Twitter account, making the addition of the new NFT profile picture entirely meaningful. The profile picture change occured on June 25th and has many wondering what Jay Z is trying to communicate. Below is the CryptoPunk NFT #6095 that appears as Jay-Z’s Twitter profile picture.
Roughly two months ago, the NFT pictured above sold for 55 Ethereum. The price of 55 Ethereum then was equivalent to over $120K. An article from The Block Crypto suggests that Jay-Z may have revealed his Ethereum address in the purchase. Beyond some other NFT transactions, there appears to be little activity from the account linked to the 55 Eth purchase from April. The move to change the profile picture has many guessing that Jay Z will begin to involve himself further in the digital asset marketplace.
Jay Z Drops His Own NFT
Whether or not he is buying them, Jay-Z definitely looks to sell them. To celebrate his iconic album, Reasonable Doubt, Jay Z teamed with fellow Brooklyn-based artist Derrick Adams. Adams’s work encompasses many different forms from painting, collage, sculpture, performance, video, and sound installations. Moving into the digital world, he constructed an NFT based upon JayZ’s debut album cover. The new NFT looks to commemorate the 25th anniversary of his platinum plus release.
Sotheby’s, the famous art auctioneer, has listed the NFT on their site. Bidding for the NFT began at $1,000 on June 25 and will end on July 2 at 10 a.m. ET. Sotheby’s indicated they would accept Bitcoin and Ethereum as payment for the album cover-inspired digital art. Part of the proceeds from the sale will go to Jay-Z’s non-profit, The Shawn Carter Foundation. As of Monday, June 28 at 3 AM UTC, there have been 42 bids, and the highest bid sits at $26,000.
Jay Z is just one of the few pop culture figures to now find themselves dabbling in the crypto industry. As time goes on, it seems more influencers, athletes, musicians are moving into the blockchain world. By changing his profile picture to an NFT and selling his own NFT, the musician has joined the increasing number of pop culture figures currently involved with crypto assets. Both decisions from Jay Z signal that NFTs are still a growing sector of the crypto world.
What is an NFT?
An NFT is a digital asset representing a real-world object like art, music, in-game items, and videos. They are bought, sold, and traded online, typically with cryptocurrency. NFTs have gained notoriety because they are becoming an increasingly popular way to buy and sell digital artwork. NFTs are also generally one of a kind, or at least one of a minimal run, and have unique identifying codes.
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