Rick Ross enters into cryptocurrency and NFT market
THE WORLD’S FIRST-EVER NFT AUCTION OF AUTOMOTIVE ART WILL BE HELD BY RICK ROSS IN CRYPTOCURRENCY
With the release of his history-making debut, Rick Ross is the latest hip-hop star to make a splash in the cryptocurrency market.
In a report from Forbes, the music mogul and producer duo Cool & Dre teamed up with Porsche 911 art car designer Rich B. Caliente to create an NFT.
As Rick Ross wrote in an email, “Painting with the can as art is both a way to express the culture and to do something new and creative.”
In sum, Caliente stated, “We had a lot of synergy and energy while doing this project.” A tangible asset is created when all of our relationships and passions are brought together.
Slashdot, a management consulting firm affiliated with the NFT, helped launch the Bitcoin collaboration. In contrast to most NFTs, the Porsche auction also included ownership of the art and the purchase of the car.
Forbes reports that Producer Dre from Cool & Dre said that NFTs will prosper in the music space. Being able to keep our creations is satisfying and exciting.
Based upon the Metaverse and 3D animation the Porsche 911 NFT was built upon, Slashdot co-founder Brad Flaherty described the Porsche 911 NFT as a virtual reality creation that will “come to life inside of a digital world.”
A portion of the proceeds from the NFT auction, reported by Reuters last Friday (June 4), went to the South Florida-based Irie Foundation. Up until June 14, blockchain cryptocurrency, Ethereum, will be accepted as payment for the NFT.
With the market getting bigger and bigger, music-cryptocolumbia collaborations represent a huge opportunity. In addition to the NFT space, hip-hop artists such as Waka Flocka have also gotten involved as a way to return money and ownership back to creatives.
Among the musicians who have entered cryptocurrency and NFT are Lil Yachty, Akon, Quincy Jones, and many others.