For the 25th anniversary of Reasonable Doubt, Jay-Z commissioned Derrick Adams to create a digital work of art to be auctioned off as a commemorative album NFT. The digital art inspired by the 1996 cover draws inspiration from the original title and both artists' shared love of Brooklyn.
Unlike the album art that was released at the time, this digital version comes to life with details like sparkling accessories and meandering plumes of smoke. The work of art was created as an acrylic piece on wood panel, which was then digitally animated to create the NFT asset.
Part of the proceeds from the sale of the NFT will help to support The Shawn Carter Foundation. On Sotheby’s, the NFT has currently reached bids of $35,000 well before the July 2nd close.
Commemorative Album NFTs
Jay-Z is Auctioning Off Digital Artwork of His Reasonable Doubt Cover
Trend Themes
1. Commemorative Album Nfts - Creating digital artworks based on classic album covers to auction as NFTs offers a new revenue stream for musicians and artists as well as a new experience for collectors.
2. Digital Assetization of Artwork - Turning traditional art forms into digitally animated assets offers potentially lucrative investment opportunities for collectors and buyers while preserving the original art.
3. Charitable Nfts - Creating NFTs for charitable causes can leverage collectors' interest in unique digital assets to raise funds for important social issues.
Industry Implications
1. Music Industry - The music industry can leverage NFTs as a new way to monetize their catalogues and commemorate milestone anniversaries while engaging with fans in a unique way.
2. Art Industry - The art industry can use NFTs as a way to digitize their work, expand their reach, and explore new revenue streams through the sale of digital assets.
3. Charity / Non-profit Sector - The charitable sector can leverage the rising interest in NFTs to raise funds for social causes, while authenticating the contribution through digital verification and ownership of unique assets.