Ja Rule Enters NFT Mania…Selling A Painting Of Fyre Festival Mania
LAS VEGAS, NEVADA – OCTOBER 26: Ja Rule will perform on Q Street during the nightmare of Q 100.5 on … [+]
Rapper Ja Rule is auctioning off works of art commissioned as a co-founder of the misunderstood Fyre Festival.
The 48-by-60-inch oil paint portrait of the festival’s corporate logo has been hanging in his New Jersey mansion since the company’s Manhattan headquarters closed a few years ago. “I just wanted that energy out,” says Ja Rule, given the bad Juju, who he believes was thrown away in his house.
It is being sold on a new NFT exchange, FlipKart, which is focused on selling NFTs or non-fungible tokens that are partly digital, partly physical objects. Most NFTs are purely digital – often virtual works of art and the associated blockchain proof of ownership. However, many of the products sold on FlipKart, including Ja Rule’s, have a digital ledger entry for a real world item. The tender for his Fyre Festival portrait begins Tuesday lunchtime with a minimum price of $ 600,000. This means that hands are not exchanged for less. (Under the item notes for this auction lot, Ja Rule writes: “F – k this painting.”) He will also sign it on request.
In return for selling the Fyre Festival image on this new platform, Ja Rule is now a partner in Flipkart and officially its artist and repertoire director. This term comes from the music industry where the A&R department of a record label is looking for talent. For FlipKart, Ja Rule will likely try to convince his celebrity friends to sell their own NFTs. Like the rest of the world: “I’ve heard of NFTs [first] Maybe like a few weeks ago, ”Ja Rule admits. “I wasn’t very knowledgeable about them and I’m still learning a lot about them. I think people are a little tired of regularly investing in stocks and bonds.”
Selling the portrait is something of a meta-comment on manias. When the Fyre Festival began its first commercialization, it drew a crowd of eager visitors drawn by the promise of a Caribbean bacchanal with luxurious accommodations and world-class musical performances. Through a wild cycle of hype and mismanagement, it turned out to be nothing that extravagant. In fact, it was a catastrophe enough to jail one of its co-founders, Billy McFarland, who was sentenced to six years in prison in 2018 for $ 26 million in fraud. Ja Rule, who promoted the festival on his social media, stepped away without prejudice to the experience, which in 2019 was exempt from any legal violation by a judge.
Ja Rule (left) poses with the artist @Tripp_Art in front of the Fyre Festival office in TriBeCa.
Courtesy Ja Rule
When they started planning the carnival, Ja Rule hired an artist he found on Instagram to commemorate the occasion. He paid around $ 2,000 to aptly named @Tripp_Art, aka Tripp Derick Barnes of South Carolina, to splash rainbow paint on the festival’s logo. Before a friend suggested making an NFT out of this, he considered simply listing it on eBay.
With undiminished brio, Ja Rule now hopes to break free of the unfortunate emblem of a previous mania in the newest mania. NFTs grew in popularity in 2021, accounting for $ 209 million in transactions, more than 50% of the total volume in the category’s four-year history. Where the Fyre Festival once sold $ 100,000 ticket packages, there are now CryptoKitties – cat cartoons sold on the Ethereum blockchain – that fetch the same price. The market reached a new high last week when an anonymous mutual fund in Singapore paid $ 69.3 million for a massive JPEG at a Christie’s auction. Beeple’s “Everydays: The First 5,000 Days” sales paid the most for an NFT and the third most popular for work by a living artist.
Ja Rule, for his part, is at least somewhat involved in the joke. “It really feels like Roaring’s new 20s,” he says, laughing out loud. “You know, it’s like ‘out with the old ones’ to me, you know?”
Right. And then in with the new one.