- Music mogul Russell Simmons is entering the NFT market with his “Masterminds of Hip Hop” collection.
- The founder of Def Jam Recordings has worked with NFT rapper and collector Snoop Dogg and other icons of the genre.
- The NFT market was recently valued at around $ 768 billion and is part of the $ 2,000 billion cryptocurrency market.
- See more stories on the Insider business page.
Def Jam Recordings founder Russell Simmons is entering the nearly $ 800 billion NFT marketplace with a project focused on the pioneers of the hip hop music industry and hosted with NFT rapper and collector Snoop Dogg.
Official sales for the “Masterminds of Hip Hop” collection will kick off on October 10, with presales already underway on the website of Paybby, a digital banking and fintech startup. Simmons has also partnered with Tokau – a non-fungible token selling platform – on the project which is a two-part collection that will feature at least 40 NFTs and include unreleased recordings.
A “respect for the founding fathers of hip hop needs a reboot,” Simmons said, as quoted by DeCrypt on a Zoom call Tuesday, discussing his motivation to enter the NFT space. The market has grown in popularity over the past year, with its valuation hitting around $ 768 billion on Wednesday, according to CoinMarketCap.
The first group of 27 NFTs features fan cards that look like baseball cards featuring images of Simmons, Chuck D, rapper Doug E Fresh and other artists and producers who led to the rise of hip hop, a genre that has evolved into a global phenomenon from its roots. in the Bronx in New York.
Simmons and Snoop Dogg are among the many prominent names who have jumped into the NFT space, ranging from singer Katy Perry, the NBA Golden State Warriors team and Twitter CEO Jack Dorsey. who sold his very first tweet as TVN for $ 2.9 million. He donated the money to charity. Snoop Dogg’s adventures in the NFT world were highlighted by his claim last month that he is behind an influential NFT account on Twitter called CozmoMedici.
People who buy NFTs get the rights to their unique tokens on a blockchain. People who buy from the Simmons Collection can use debit or credit cards to pay for their purchase without buying or trading crypto, a tactic that DeCrypt says has helped NBA Top Shot digital collectibles attract collectors. General public.
Paybby CEO Hassan Miah said the “Masterminds of Hip Hop” collection is made up of BSC-20 tokens on Binance Smart Chain, responding to a viewer on Tuesday’s call that noted Ethereum gas charges high associated with NFTs, according to the DeCrypt report.
Many rappers and DJs who pioneered hip hop never received any accolades or financial benefits that should have come from their work, Simmons said.
“[This] is my chance to use a new vehicle to revisit and pay off these amazing artists while they’re still alive, ”Simmons said in a June statement.