Rapper and serial entrepreneur Jay-Z recently announce that he will be selling a non-fungible token (NFT) based on the album cover of “Reasonable Doubt” – his 1996 debut album.
The NFT was designed by artist Derrick Adams in commemoration of the 25th anniversary of the album’s launch. The piece will be auctioned off by Sotheby’s with bids closing for the single-lot on July 2nd. Bids for the auction have begun at $1,000 and has currently doubled for over $2,000.
“My portraits aim to capture the sensibility, optimism and beauty of urban life, and in JAY’s work I’ve found tremendous kinship,” Adams shared.
“Adams’ work reinterprets and recontextualizes the album cover to create a new contemporary take on a portrait that defined an era – as a comment and reminder that Reasonable Doubt remains vital and new today.” says Sotheby’s in the listing.
The ‘Reasonable Doubt’ NFT is officially titled ‘Heir to the Throne: An NFT in Celebration of Jay-Z’s Reasonable Doubt 25th Anniversary by Derrick Adams’ featuring a digital portrait of Jay-Z inspired by the cover art of the album.
Proceeds of the sale will benefit charities supported by the rapper such as Shawn Carter Foundation, a non-profit helping adolescents get access to education. According to Sotheby’s, they will accept both Ethereum and Bitcoin as payment options through Coinbase Commerce. The auction will be available online through Sotheby’s virtual gallery at Decentraland.
The announcement comes at a controversial time, just days after Damon Dash, a co-founder of Jay-Z’s Roc-A-Fella Records studio, was sued by his co-founders Jay-Z and Kareem Burke for allegedly trying to sell intellectual rights to the album as an NFT.
The lawsuit claims that Dash does not own rights to the album itself given that he only owns a third of the record label. Dash has since retracted his claims following the lawsuit, saying that, in defense, he was only trying to sell all his stakes at Roc-A-Fella as an NFT.
“It’s fitting that JAY-Z’s pioneering lyrical brilliance is commemorated through the iconic vision of acclaimed artist Derrick Adams in a bold new medium,” shares Cassandra Hatton, Sotheby’s Global Head of Science and Popular Culture.
“The release of Heir to the Throne marks the continued influence of Reasonable Doubt and its deep legacy of cultural importance.” Hatton adds.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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