Rick Ross is the latest hip-hop star to make a splash in the cryptocurrency market with his history-making debut.
According to a report from Forbes, the music mogul — alongside producer duo Cool & Dre — has teamed up with luxury car designer Rich B. Caliente to create the first-ever Porsche 911 art car and an NFT.
“This NFT is super fly. Just splashing paint with the can as art is a combination of the culture with the lifestyle while trying fly things while being creative,” Rick Ross said in an email to the outlet.
“The synergy and energy that we had while we were doing this… it was like a one-off,” Caliente added. “It’s all our relationships combined and all our passions combined to create something and put it into one tangible asset.”
The creative cryptocurrency collaboration was launched with help from NFT management consultancy company, Slashdot. Unlike most NFTs that just come with a digital asset, Forbes reports that the auction of the Porsche includes ownership of the art and the purchase of the car itself.
“The future is bright for NFTs in the music space,” Producer Dre of Cool & Dre said in an emailed statement to Forbes. “The opportunity to retain ownership of what we create is gratifying and exciting.”
Slashdot co-founder Brad Flaherty described the Porsche 911 NFT as a physical creation “coming to life inside of this digital world” based upon the metaverse and 3D animation the NFT was built on.
The new NFT went up for auction last Friday (June 4) at the 2021 Bitcoin Conference in Miami, according to Forbes, and a portion of its proceeds will reportedly go towards South Florida-based, Irie Foundation. Bids for the NFT will be accepted now up until June 14 using blockchain cryptocurrency, Ethereum.
This new collaboration marks a major opportunity between music and cryptocurrency that’s only growing as the market gets bigger and bigger. Hip-Hop artists like Waka Flocka have also gotten involved in the NFT space as a way to put ownership and money back into the hands of artists.