The Jay-Z NFT auction ended with a final sale price of $139,000 for the one-of-a-kind item.
Sotheby’s has just finished another successful NFT art auction, this time with a winning offer of $139,000. A special piece of digital art created by Derrick Adams to celebrate Jay Z’s debut studio album “Reasonable Doubt” was included in the transaction. Last week marked the 25th anniversary of the album, and the famous rapper decided to commemorate the milestone by releasing the one-of-a-kind digital art piece.
“Heir to the Throne: An NFT in Celebration of Jay Z’s Reasonable Doubt 25th Anniversary by Derrick Adams” is the official name of the digital artwork. It’s a mouthful, but it gives you all the information you need to know about what’s for sale. A physical copy of the artwork sold will be manufactured and displayed in Mr. Carter’s private art collection.
The auction started at $1,000, with all proceeds going to the Shawn Carter Foundation and other charities that Jay-Z supports.
According to the auction house:
“Adams’ work reinterprets and re-textualizes the album cover to produce a new modern take on a photo that characterized an era – as a statement and reminder that Reasonable Doubt is still relevant and true today. For both JAY-Z and Derrick Adams, Heir to the Throne is their first NFT.”
Adams has also developed various NFTs in the past and will appear in Beyoncé’s 2020 film Black is King.
There Was a Lot of Debate Leading up to the Sale
Some speculate that one of the reasons Jay-Z decided to hold this auction now is to punish his former business partner Dame Dash. Dash launched his own project a few weeks before Jay-Z unveiled the NFT initiative, which drew a lot of criticism. Dash was a co-founder of the famed Roc-A-Fella Records label, and he attempted to sell his rights to the album through an NFT auction. The problem was that Dash didn’t have the legal authority to sell the album rights because they belong to the label, not to any of the people involved. One of the company’s co-owners. As a result, Dash chose to auction his share of the record firm as an NFT instead.
The sale, however, did not go through, as both Rock-A-Fella and Dash’s own counsel warned against it. The auction was so awful that the NFT platform Dash used to host it, SuperFarm, stepped out once the negative publicity surrounding it grew larger online. Dash was eventually served with a restraining order, which barred him from selling any of the label’s intellectual property.
Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs
Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.
Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.
“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.
Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.
Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.
Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”
Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.
In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.
He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).
Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High
In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.
According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.
Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.
According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.
NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.
Axies and OpenSea are leading the way
In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.
According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.
According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.
According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.
Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.
According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.
AXS is pushed to ATH by NFT Fever
Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.
According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.
The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs
Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.
Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.
While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.
Buffett claims that she only accepts the dollar for physical art:
“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”
Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”
His granddaughter says that investing in art is similar to stock or bond investing:
“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”
Buffett says she wants her NFTs to remain inexpensive in terms of price.
Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.
‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC
Meta’s Instagram Experimentation With NFT Marketplace
In the Largest-ever NFT Drop, WAX will Distribute Ten Million Free NFTs
Tom Brady’s Autograph NFC Platform Raises $170 Million in Funding
Mercedes-Benz Collaborates with NFT Artists to Commemorate the G-Class Series
Prices for NFTs at the Bored Ape Yacht Club have Caught Up with those of CryptoPunks
Owner of the Bored Ape Yacht Club Lost Over $2 Million in NFTs
“Cryptobatz” by Ozzy Osbourne is his First Foray into NFTs
Elon Musk Makes Fun of NFT Skeptics in the Music Industry
Which NFT Collection has Proven to be the Most Lucrative?
Cryptocurrency for Real Estate: Door Coin
Has The NFT Bubble Already Burst?
GaryVee explains why NFTs are not a scam…
Fractional NFT Ownership With Wilder Worlds NFT Marketplace
Johnny Harris explains what NFTs are and how can they change the world.
Projects5 months ago
The NFT Collection of the Bored Ape Yacht Club Sets a New Sales Record
ART & COLLECTABLES6 months ago
Gary Vaynerchuk has Bought a CryptoPunk NFT for $3.7 million in Ethereum
ART & COLLECTABLES3 months ago
An NFT Manifesto on Kylie Jenner Being Blocked Over A BAYC
Projects9 months ago
Introducing CryptoPuzzles – Physical puzzles as NFTs
ART & COLLECTABLES10 months ago
TOP 10 most expensive NFT art ever sold.
ART & COLLECTABLES8 months ago
Justin Sun Buys a Lifetime Pass “Golden Whale Pass” at Bitcoin Miami
Projects7 months ago
Marvel NFT Marketplace Binance Smart Chain is the Newest Addition to the Binance Smart Chain Family
NFT7 months ago
In Q2 2021, the Top 15 Highest-grossing NFTs Sold for More Than $37 million.