Jay-Z and Sotheby’s team up for new NFT auction 

Recently, American rapper Jay-Z announced his partnership with Sotheby’s for the auction of an NFT that commemorates the 25th anniversary of his hit debut album ’Reasonable Doubt’, released in 1996. 

It was the album that catapulted Jay-Z’s career and helped him become one of the most popular hip-hop stars of the 90s.

The NFT is titled: “Heir to the Throne: An NFT in Celebration of Jay-Z’s Reasonable Doubt 25th Anniversary by Derrick Adam”. The soon-to-be-auctioned NFT will be based on the cover art of the 1996 album and will be on a special single-lot auction until July 2. 

Physical art

But the digital art is not the only piece scheduled for bidding. The Jay-Z NFT also has a physical counterpart up for bidding which starts at $1,000, and as of this writing, the bidding has reached $2,200.

Proceeds from the auction will go straight to Jay-Z’s chosen charities such as Shawn Center Foundation that supports adolescents in pursuing secondary education. The auction event is also handled by Sotheby’s and interested bidders can pay either on Bitcoin or Ethereum. 

Bright and messy side

The “Reasonable Doubt” NFT is one of Adams’ big-ticket projects, which sits beneath his series of successful high-selling auctioned pieces in previous years. 

But while this auction was a bright moment for both Jay-Z and Adams, the opposite situation can be said to Damon Dash, co-founder of Roc-A-Fella, the company that owns the copyright of the album.

The label company has filed a case against Dash and said that the rights to the album belong to Roc-A-Fella, not Dash. Even though Dash owns a third of the company, he still lacks any rights to sell any of the company’s assets.

 

Image courtesy of Cointelegraph News/YouTube

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