Auction winner to receive physical cutout, blockchain digital version, and video-call with photographer Claiborne.
Auction winner to receive physical cutout, blockchain digital version, and video-call with photographer Claiborne.
An iconic photo of one of the most notorious rappers of all time is being turned into a non-fungible token, or NFT.
A new auction kicked off Wednesday celebrating the late The Notorious B.I.G., also known as Christopher Wallace.
The photo in question is known as “The King of New York,” and has been dubbed the “Mona Lisa of Hip Hop.” The photo was shot by Barron Claiborne for publication in 1997, and was taken just three days before The Notorious B.I.G. passed away.
After being archived for 26 years, the photo is not cutout from the original contact sheet, making it a one-of-a-kind collectible, measuring at six centimeters by seven centimeters.
It’s also signed by Claiborne on the back.
The winner of the auction, called “There Can Only Be One,” will receive the physical cutout, a digital version on the blockchain, and a one-on-one video call with Claiborne to learn more about the iconic moment and picture.
The NFTs follow the sale of the plastic crown that was used in the iconic photo, which sold for $600,000 in 2020.
Forty percent of the proceeds will be donated to charity. The charities selected by Claiborne are Keiyo Art and charity: water.
Bidding starts at 50 Ethereum (CRYPTO: ETH), or around $94,000. Bidders can pay with Ethereum or by using a credit card. The auction will run for 720 hours from the first bid.
An additional 15 minutes will be added for each bid in the last 15 minutes to avoid sniping.
Along with the main auction, there is also the sale of a limited edition “Long Live the King” NFT. This NFT comes with a cost of 1 ETH and there are six out of nine listed still available at the time of writing.
Also up for sale is an open edition (unlimited number) NFT called “The Crown.” The NFT highlights the iconic crown that The Notorious B.I.G. wore in the photo shoot. The cost of the NFT is 0.03 ETH, or around $80. The NFT comes with a 3D viewer and an augmented reality filter that can be used on platforms like Instagram.
The Biggie NFT is just the latest example of how the NFT market has permeated the music industry over the last two years as artists and record labels seek new ways to monetize songs, artwork and build up their followings. Rapper Snoop Dogg is even working on turning Death Row into an NFT record label.
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Edited by Suparba Sil
