{"id":947,"date":"2021-06-30T08:09:41","date_gmt":"2021-06-30T00:09:41","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=947"},"modified":"2021-06-28T10:12:37","modified_gmt":"2021-06-28T02:12:37","slug":"derrick-adams-nft-commissioned-by-jay-z-to-be-auctioned-by-sothebys","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/derrick-adams-nft-commissioned-by-jay-z-to-be-auctioned-by-sothebys\/","title":{"rendered":"Derrick Adams NFT Commissioned by Jay-Z to Be Auctioned by Sotheby\u2019s"},"content":{"rendered":"<p>As major brands and celebrities continue to fuel the market for NFTs, the rapper\u00a0<a id=\"auto-tag_jay-z\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"jay-z\">Jay-Z<\/a>\u00a0is auctioning a newly commissioned\u00a0<a id=\"auto-tag_nft\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"nft\">NFT<\/a>\u00a0inspired by his 1996 debut album\u00a0<em>Reasonable<\/em>\u00a0<em>Doubt<\/em>. The NFT draws from album\u2019s original cover art, featuring a portrait of the young musician, and it will be sold in an online Sotheby\u2019s auction. A physical version of the image painted by Adams resides in Jay-Z\u2019s personal art collection.<\/p>\n<p>The work is offered in a single-lot sale titled \u201cHeir to the Throne: An NFT in Celebration of JAY-Z\u2019s\u00a0<em>Reasonable Doubt<\/em>\u00a025th Anniversary by\u00a0<a id=\"auto-tag_derrick-adams\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"derrick-adams\">Derrick Adams<\/a>.\u201d Bidding begins at $1,000 on\u00a0<a href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" target=\"_blank\" rel=\"nofollow noopener\">June 24<\/a>\u00a0and remains open until July 3. Proceeds from the sale will go to benefit Jay-Z\u2019s charitable organization the Shawn Carter Foundation, which supports access to secondary eduction for underserved adolescents.<\/p>\n<p>In statement about the work, Cassandra Hatton, Sotheby\u2019s global head of science and popular culture, said the NFT sale commemorates the album\u2019s \u201cdeep legacy of cultural importance.\u201d<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Adams has been the subject of a recent booming market. In March, a new record for the artist was set when his painting\u00a0<em>Figure in the Urban Landscape 31<\/em>\u00a0(2019) sold for $137,\u200b5000, twice its $60,000 high estimate. Jay-Z owns Adams\u2019s painting\u00a0<em>Style Variation<\/em>\u00a0(2020), and another portrait by the artist appeared in Beyonc\u00e9\u2019s 2020 film\u00a0<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\" target=\"_blank\" rel=\"noopener\"><em>Black Is King<\/em><\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Since the beginning of this year, Sotheby\u2019s has been at the forefront of the NFT market. Most recently, Sotheby\u2019s sold 28 digital artworks in collaboration with crypto artist Pak for a collective $17.1 million last month. An NFT of a character from the\u00a0<em>CryptoPunks\u00a0<\/em>series sold at the house for $11.75 million to Shalom Mckenzie, owner of the sports betting operator Draftkings.<\/p>\n<p>Last week, the house announced plans to sell the\u00a0<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\" target=\"_blank\" rel=\"noopener\">original source code for the World Wide Web<\/a>\u00a0engineered by British scientist Tim Berners-Lee in 1989.<\/p>\n<p>Sotheby\u2019s has also made moves to tap into the music industry, staging its first sale devoted to hip hop memorabilia last year. Some criticized the sale for profiteering from a genre that had long been rejected by New York\u2019s cultural elite. \u201cThese spaces only wanted a piece of hip-hop once it proved to be profitable,\u201d\u00a0<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\" target=\"_blank\" rel=\"noopener nofollow\">wrote<\/a>\u00a0Alphonse Pierr<span class=\"sc-ciOKUB itWoQV link__last-letter-spacing\">e<\/span>\u00a0via\u00a0<em>Pitchfork.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As major brands and celebrities continue to fuel the market for NFTs, the rapper\u00a0Jay-Z\u00a0is auctioning a newly commissioned\u00a0NFT\u00a0inspired by his 1996 debut album\u00a0Reasonable\u00a0Doubt. The NFT draws from album\u2019s original cover art, featuring a portrait of the young musician, and it will be sold in an online Sotheby\u2019s auction. A physical version of the image painted [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[115],"class_list":{"0":"post-947","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news","12":"tag-nft"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Derrick Adams NFT Commissioned by Jay-Z to Be Auctioned by Sotheby\u2019s - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"As major brands and celebrities continue to fuel the market for NFTs, the rapper\u00a0Jay-Z\u00a0is auctioning a newly commissioned\u00a0NFT\u00a0inspired by his 1996 debut album\u00a0Reasonable\u00a0Doubt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/derrick-adams-nft-commissioned-by-jay-z-to-be-auctioned-by-sothebys\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Derrick Adams NFT Commissioned by Jay-Z to Be Auctioned by Sotheby\u2019s - 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