Rap god Eminem is the latest celebrity to join the NFT hype train on Nifty Gateway, as he will do an NFT drop this Sunday. The American rapper isn’t unfamiliar with dropping things, aside from dropping bars he regularly drops entire music albums by surprise to shock the scene. Whether this particular NFT drop will be jaw-dropping, remains to be seen.
Details about the NFT art drop by Eminem are still scarce. The rapper only retweeted the announcement post from Nifty Gateway. As usual, Nifty Gateway will showcase the art drops before the sale takes place. It’s in the line of expectations that there will be open editions and regular auctions, for different collectible NFTs.
Personally I’d expect visual art combined with 8 bars of rhyme, written specifically for that particular artwork. This, and nothing less. The other end of the spectrum would be Eminem dropping an entire album where songs are sold as separate NFTs.
Nifty Gateway has become one of the premier NFT marketplaces where mainstream celebrities and brands drop their artwork. The Gemini-owned platform already collaborated with for example Paris Hilton, Steve Aoki, The Weeknd and right now has a drop going on with rapper A$AP Rockey. In the near future there will be a much anticipated collaboration with Playboy Magazine as well. The platform accepts purchases with creditcards, while users can also deposit crypto into their account.
What is crypto or NFT art?
Digital art has been around for decades. However, without the existence of blockchain technology it was impossible to verify authenticity and rarity. Now digital art is connected to a token on the blockchain, a non-fungible token or NFT. That way buyers can see how many copies of a certain artwork there are, and whether the product is original. Digital art on the blockchain used to be referred to as crypto art, but NFT art as a name has become increasingly popular.
The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial. This applies to NFT art on the blockchain as well.
Some people don’t care about the Mona Lisa. It’s just a painting. They are happy to download an image from Google Images, print it on canvas and hang it in their living room. Others want the real deal. The same rules go up for digital art. Many people will be happy having a digital image they like, screenshotted on their phone. Others will value having an original artwork, minted by the actual creator, verifiable through blockchain technology.