Ja Rule’s oil painting of FYRE Festival was sold as an NFT for $122,000.
Ja Rule has joined the likes of Aphex Twin and Calvin Harris in auctioning his first non-fungible token (NFT), which is a token that determines the ownership of a piece of a digital asset such as an MP3, video, PDF, gif, clip, PDF, or any digital file.
A 48′′ by 60′′ oil painting of the doomed Fyre festival’s logo, that had hung in the rapper’s New Jersey residence since Fyre’s headquarters closed many years ago, sold for $122,000 via an NFT auction on the rapper’s Flipkick.io App last week, according to Consequence of Sound.
Fyre Festival, which was created by 25-year-old entrepreneur Billy McFarland and Ja Rule, was promoted as a high-end festival experience with the help of celebrities and social media influencers such as Kendall Jenner and Bella Hadid. All of the musical guests, including Major Lazer, Disclosure, Skepta, Kaytranada, and others, canceled their previously scheduled performances just days before the festival.
Although Billy McFarland is still serving a six-year sentence for Fyre-related wire fraud, Judge Kevin Castle ruled in July 2019 that festival co-founder Ja Rule and Fyre’s head of marketing Grant Margolin were not to blame for the festival’s demise.
