Eminem is one of those rappers who never refuses to seize the day. Especially when it comes to investments, Eminem has dived deeper into the NFT marketplace. Cryptocurreny and NFT are changing the investing landscape because they offer a finance opportunity without government regulation. In this recent news, Eminem has invested in MakersPlace, a million dollar marketplace where users buy and sell digital assets like art.
In case you're not familiar with NFT, it is simply a platform where artists can make income by uploading digital credential-protected content. Artists upload their images onto these marketplace and use cryptocurrency to exchange hands. Recently, unique editions of songs have been traded for thousands of dollars. Many corporations are now getting into the space by creating unique edition digital assets.
Why would Eminem be investing in NFT marketplaces? It is said that he invested anymore between 10-30 million onto the project so it certainly is a serious investment. Luckily, Eminem is not alone in the investor panel, he will be sitting alongside with Paul Rosenberg. Paul was the rapper's long time manager and both the hip hop legends were excited when MarketPlace held an auction which resulted in a piece of digital artwork to sell for $69.3 million.
NFT, which stands for non-fungible (meaning not interchangeable) token, utilizes blockchain technology to certify ownership of a digital asset, such as a photo, video or audio file.
Some may not know that Eminem was involved with NFT for a long time now. Eminem has sold things like his original instruments and a pair of action figures on sale in the platform. He also sold some of his beats and a fan purchased a beat for $100,000, the producer has since made a song with the beat. Since it's his rights, he can continue to use without legal trouble.
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