By Richard Johnson
Dripped in extravagance, there is one thing music artists, entertainers, athletes and the like have always been able to do, and that is capitalize on all things trending. From the auctioning off of Soulja Boy tweets, Eminem sponsored getaways, to Snoop Dogg collectibles, the roughly $6 billion hip hop industry is entering the crypto arena selling nonfungible tokens (or NFTs for short).
Why This Matters: Quick background on NFTs: the non-fungible token that is one-of-a-kind and is being used as a digital collectible. Digital currency like Bitcoin or Litecoin is fungible, so if it's traded for another, the end result is exactly the same thing. Not with NFTs though; once traded, an NFT is unique to its buyer. For example, during this year's NBA All Star Weekend Quavo, Lil Baby, 2 Chainz and Jack Harlow teamed up with Bleacher Report to release an NFT collection. The collection featured "four custom-designed basketballs that mix music, culture and sport with innovation." They each received their own individual gold NFTs that sold for more than $591,000 with 2 Chainz's No. 1 of 10 selling at the highest for 38 Ethereum or $68,030.