NFTs are getting a lot of hype and headlines.
New York rapper Ja Rule sold a 48-inch-by-60-inch oil-paint portrait of the Fyre Festival logo for $122,000. The artwork was sold as a non-fungible token (NFT). The rapper told TMZ that he wanted to get rid of the painting to create new vibes in his space.
“I heard about NFTs [first] maybe like a couple of weeks ago,” Ja Rule told Forbes. “I wasn’t too educated on them, and I’m still learning a lot about it… I think people got a little bit tired of the regular stocks-and-bonds way of investing.”
The buyer received the original artwork as well.
Billy McFarland and Ja Rule organized the infamous Fyre Festival. The two were sued for $100 million after the festival failed to deliver a luxury experience to guests. McFarland is serving a six-year sentence for fraud at the Federal Correctional Institution in Elkton, Ohio. Ja Rule was cleared of any wrongdoing.