The professor (Kyle Mooney) makes the mistake of opening up the floor for questions and that’s when Pete Davidson’s Eminem breaks into a rap asking about NFTs to the tune of “Without Me,” complete with being dressed in a Robin costume just like Eminem in the original video. As Yellen struggles to explain what they are, Morpheus from The Matrix (Chris Redd) raises his hand to explain with his own rap verse, which is also absolute nonsense. Finally, the school janitor (Jack Harlow) walks by and Yellen asks if he can explain, at which point the janitor also drops some bars that actually make sense – sort of.
The sketch hinges on the absurdity of celebrities and artists throwing millions of dollars worth of digital art that literally anyone else can download simply to own the original, even though “original” is a relative term when it comes to digital art.
The rapper has around two million followers on Twitter, which puts any endorsement he makes under a specific type of scrutiny. Influencers, for example, have to disclose whether or not they are being paid by a brand they post about,per FTC guidelines.
In 2018, Tesla CEO Elon Muskagreed to pay a $40 million penaltyafter the SEC sued him for securities fraud.
In videos, he’d all but scream at fans, assuring them the products he was promoting were the opportunity of a lifetime. Even on text-driven Twitter, his level of intensity was consistent, he’d often post in all-caps.
Last month, Lanez partnered with a platform called E-NFT to release his new albumWhen It’s Darkas an NFT, or “non-fungible token.” The idea was for each copy of the album to be minted with a one-of-a-kind token, providing a fool-proof ledger of ownership.
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On Wednesday (March 10), the the Harvard Dropout rapper flooded the scene with the “Esskeetit Card” and the “Lil Pump Artist Card V1” for fans to cop through a link through Instagram.
“This is the future. Now you can live like me and own a rare NFT collectible of one of my favorite chains,” Pump says in an emailed statement to DX. “There are only five in the world and for lucky fans, there are 500 free pieces and 2,000 at $9.99 Esskeetit!”
In an instantaneous capitalistic flip, Banks’ five-figure auction resulted in the re-sale of her audio sex tape I FUCKED RYDER RIPPS.
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For instance, a New York City man’s fart was purchased for $85. In the hip-hop space, rhymers are a bit more practical with their exploration into NFTs.
In early March, Soulja Boy posed a question to his followers on Twitter, inquiring how to sell his tweets.
The same day, the pioneering rapper used Valuables by Cent, a platform to mint tweets and make them one-of-a-kind NFTs.
Some rappers have used NFTs to sell tangible fan memorabilia like the late MF DOOM’s augmented reality mask or Azealia Banks’ recently announced audio sex tape with her fiancé, which was sold on an NFT digital marketplace.
Looking into the NFT marketplace and what the digital platforms have to offer, here’s what some of your favorite rappers have sold—or are selling—using NFTs.
A major question is whether or not a celebrity like Lanez telling their followers that an NFT is re-selling for thousands of dollars is tantamount to investment advice. According to Zhu, he could potentially be running afoul of the Securities and Exchange Commission.
“There’s a four-part test called the Howey test that’s applied to determine if a product is going to be considered a security,” Zhu explains. “That includes an expectation of profits for the enterprise.”
The so-called “Howey Test” comes from a 1946 Supreme Court case that set a precedent for what kinds of transactions are subject to requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.
On March 7, Soulja Boy asked his 5.2 million followers on Twitter, “How do I sell my tweets?” The tweet ended up garnering more than a thousand likes and 200 retweets, but social engagement wasn’t the only thing he received. Soulja Boy ended up selling that exact tweet on a digital marketplace V for $1,288.00.
Then he auctioned four more of his tweets, earning a total of $2,084.71 in just three hours. Soulja’s auctioned tweets are examples of the digital collectibles known as NFTs, and over the past few months, they’ve become a lucrative business opportunity for the music industry.
NFTs are short for “non-fungible tokens,” which is a fancy way of saying they’re digital certificates of authenticity that allow for intangible collectibles like tweets or digital art to be sold and traded.
Nft rapper album
Souljacoin: Soulja Boy Is Plotting Cryptocurrency Beef & Bets Following Robinhood Scandal
February 2, 2021
But rappers aren’t just utilizing NFTs for music alone. The ever-controversial Azealia Banks also cashed in on the NFT trend with her innovative 24-minute audio sex tape that fetched a cool $17,000 in an auction in on March 9.
The equally polarizing Lil Pump, who’s currently rinsing off the self-inflicted stink amid his pro-Donald Trump re-election campaign, is boasting a new partnership with NFT platform Sweet, similar to Fyooz’s, where he’ll offer fans three collectible items.
Pump’s NFT features a limited run of 2,000 collectible cards for $9 and an exclusive “uber-rare capstone ‘Esskeetit Diamond VVS’” NFT collectible of Pump’s “Esketit” diamond chain.
In essence, exclusivity is preferred within the NFT market, which offers an added layer of control for the artist on how they choose to make their art a commodity.
In an attempt to understand NFT’s and how they benefit both artists and their fans, HipHopDX broke down numerous current Hip Hop NFT experiences and also spoke with former host of DX’s Crook’s Crooked YouTube series KXNG Crooked to uncover the potential NFT’s have to affect the music industry.
“I have crypto coins and I’ve been reading up blockchain tech just to stay in the mix of things,” Crooked tells DX regarding this topic. “NFT’s hit my radar around October of last year in a conversation with a tech genius I know.
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Although virtual items can be copied and distributed instantly these days, NFTs give buyers ownership of whatever digital items they purchase, creating a sense of exclusivity. So, while there may be other digital copies of that item in existence, the NFT or token obtained with the purchase is one-of-a-kind.
The person who bought Soulja Boys’ tweet NFT, for example, becomes the sole “owner” of it, and they can sell it for a profit if the value goes up over time.
NFTs rely on a technology called blockchain, which is the basis of bitcoins and other cryptocurrencies. The blockchain is a protected ledger that allows NFT buyers to see a short list of its previous owners.
There is a growing network of NFT marketplaces such as OpenSea, Zora, Fyooz, Flipkick, and more.
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• Niftify launches its new NFT collection with Ice-T backing them. • The NFT trading platform opens payments in non-fungible auctions to debit, credit, and cryptocurrencies.
Niftify has just talked about its next digital project. The announcement indicates that the platform will launch an NFT collection with 10,000 unique hip-hop and rap images.
But the NFTs would also be inspired by movie actors, making it open to all tastes.
The NFT trade has been dominating in different categories, and once again, it shows through the new non-fungible collection.
In the press release for Lanez’s NFT album, they explain the connection between Lomotif, E-NFT, and Lanez:“There are very few people on Earth with [Lanez’s] gift. When you combine that talent and vision with the marketing power that Vinco can access through Lomotif, it’s a clear winner.
With tens of millions of active users we can market our proprietary E-NFT’s to a targeted audience not only nationwide but worldwide as well.”
And Vinco recently announced plans to spin off its NFT business into yet another publicly traded company called Cryptyde. Despite ongoing customer complaints about E-NFT across social media, the company continues to herald Lanez’s album release as a success story.
The “first album in history to reach Platinum on the blockchain,” according to Vinco’slatest investor presentation.
It does make sense that Lanez would want to get into crypto.