Last week, we had reported that Jay-Z is auctioning an NFT in honour of his debut album, ‘Reasonable Doubt.’ The NFT has now been sold for US$138,600 at auction house Sotheby’s.
The digital asset is titled ‘Heir to the Throne: An NFT in Celebration of Jay-Z’s Reasonable Doubt 25th Anniversary by Derrick Adams’. It featured a custom artwork by American artist Derrick Adams, inspired by the cover of Jay-Z’s debut album. The album – Reasonable Doubt – completed 25 years last week.
More on Jay-Z NFT
The auction went live on June 25 to mark the 25th anniversary of Reasonable Doubt, which debuted on June 25, 1996. It had a starting bid of US$1,000. The auction had come to a close on July 2 and a portion of the proceeds from the sale will go to Shawn Carter Foundation. Donations will also be made to other charities that the rapper supports.
“With Heir to the Throne, Adams reinterprets and recontextualizes the Reasonable Doubt album cover,” Sotheby’s wrote. “Metamorphosing this source material in his kaleidoscopic contemporary take, Adams registers the timeless influence of JAY-Z’s magnum opus that defined and redefined an era.”
Controversies surrounding the NFT drop
Jay-Z’s NFT auction came in the backdrop of his lawsuit against former partner Damon Dash. According to reports, Dash was allegedly trying to sell an NFT consisting of ‘Reasonable Doubt’. Dash, one of the co-founders of Roc-A-Fella Record company, was also trying to sell his rights to the album. Following the lawsuit, Dash had hit back, pointing out the inaccuracies in the lawsuit.
However, the court ruled in Jay-Z and Roc-A-Fella’s favour. This meant that the federal judge prohibited Dash from selling the Reasonable Doubt NFT. Furthermore, the court also asked Dash to halt any planned auction.