Rapper Jay-Z is selling a non-fungible token (NFT) based on the album cover of his debut album, âReasonable Doubt.â
The NFT will be sold by Sothebyâs in an auction that opens today and runs through July 2.
The announcement comes days after Damon Dash, one of the co-founders of Roc-A-Fella Records along with Jay-Z and Kareem Burke, was sued for allegedly trying to sell the copyright of âReasonable Doubtâ as an NFT.Â
In its lawsuit, Roc-A-Fella Records claims Dash doesnât own the rights to the album, because he owns only one-third of the record label and so the rights arenât his to sell.
Dash walked back his claims after the suit, countering that he was actually trying to sell his entire stake in Roc-A-Fella as an NFT, according to TMZ. Itâs unclear exactly what that means.Â
A Sothebyâs representative told CoinDesk this project had been in the works for the past few weeks. Â
âItâs fitting that JAY-Zâs pioneering lyrical brilliance is commemorated through the iconic vision of acclaimed artist Derrick Adams in a bold new medium,â Cassandra Hatton said in a statement. âThe release of Heir to the Throne marks the continued influence of Reasonable Doubt and its deep legacy of cultural importance.â
âReasonable Doubt,â which was released in 1996, is widely seen as one of the greatest rap albums of all time. The NFT is meant to commemorate the 25th anniversary of the albumâs release.
âMy portraits aim to capture the sensibility, optimism and beauty of urban life, and in JAYâs work Iâve found tremendous kinship,â Adams said in a statement.
A portion of proceeds from the sale will benefit the Shawn Carter Foundation, an organization bearing the rapperâs name that provides scholarships to low-income students. Bidding will start at $1,000.
The auction will also be available virtually in the Sothebyâs gallery in Decentraland.
Sothebyâs will accept cryptocurrency (ETH and BTC) as a payment option. Sothebyâs crypto purchases are facilitated through Coinbase Commerce. The storied auction house said earlier this week it would be accepting crpyto payments for the upcoming sale of an ultra-rare 100-carat diamond.