Eminem Invests In Multi-Million Dollar NFT Marketplace
On Wednesday (August 4), it was announced that Eminem has delved deeper into the NFT gold rush and invested in MakersPlace, a multi-million dollar marketplace where users can buy and sell digital artwork and other creations.
It’s unclear how much money Eminem has invested exactly, but MakersPlace revealed on their website that they’ve raised $30 million in this latest round of funding.
Other investors include Eminem’s long-time manager Paul Rosenberg, NFL pro Larry Fitzgerald and Sony Music Entertainment.
Launched in 2018, the San Francisco-based MakersPlace holds the distinction of facilitating the most expensive NFT sale to date: Beeple’s digital artwork “Everydays at Christie’s,” which sold for $69.3 million at auction in March.
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.
As the NFT market has surged in popularity over the last year, several Hip Hop acts — from JAY-Z and Bobby Shmurda to A Tribe Called Quest and Run-DMC — have seized their opportunity and sold various items as NFTs.
Eminem is no stranger to the world of NFTs himself having put original instrumentals and a pair of action figures up for sale back in April. A life-long Shady stan purchased one of the beats for $100,000 and turned it into a song.