Ja Rule We Did It Again
In Leap of 2021, the lead singer of the early on '00s hits "Mesmerize" and "Ever on Fourth dimension" sold a painting for quite a lot of money. Jeffery Bruce Atkins, better known by his stage name Ja Rule, had begun selling off memorabilia related to the infamous Fyre Festival. This particular painting went for $122,000, but it wasn't any ordinary painting. Ja Rule was selling a physical NFT, and at present he's turning that moment into his next business concern venture.
While Ja Rule hasn't quite reached billionaire status, the rapper is already known for his business ventures outside of music. Ja Rule has been a part of clothing lines, liquor companies, sneakers and even credit cards. These efforts culminated in the rapper's involvement in Fyre Festival, the controversial music festival that was the subject of a viral documentary. Most of Ja Rule's investments haven't taken off the way he probably wanted, which is an unfortunate reality in the world of investing.
In selling his Fyre Festival painting as a physical NFT, Ja Rule was looking to purge himself of the energy associated with the failed festival. This endeavor was successful enough that the rapper is now turning to NFTs and an adjacent realm, cryptocurrency, for his side by side big project. But will two new crypto platforms, Flipkick and MetaMask, exist plenty to take Ja Rule from investor to mogul? Or will this finish up existence a financial Fyre Festival?
Own Your Art: Flipkick, Explained
Outset things first: Flipkick is an online market place for non-fungible tokens, or NFTs. NFTs are often attached to digital files, typically artwork, photos or even memes. If you've always fabricated a meme, you know that it's hard to continue people from stealing the meme itself or the idea backside it once you've posted it online. Copyrights and other artist protections are difficult to regulate one time something goes viral. NFTs aim to solve that trouble.
Essentially, an NFT is like a digital signature attached to a digital file. It's a unique code that can't exist replicated, then information technology proves that the file it'due south paired with is the authentic original. Flipkick takes this authentication concept and, in a sense, reverse-engineers it. Instead of creating or selling digital NFTs, the company has developed physical NFTs.
What are physical NFTs? Great question. With a concrete NFT, yous get the not-fungible token and the correct to sale the NFT if you wish, similarly to regular NFTs. But, yous as well have the option to receive the tangible piece of art the physical NFT is paired with. Instead of selling digital authentication tokens for digital art, Flipkick offers digital authentication tokens for concrete fine art — like the sculptures and paintings you'd see in traditional art galleries — and fifty-fifty provides the choice to own that art.
There's a broad multifariousness of different types of art on Flipkick. You lot could purchase oil paintings from Mikhail Gervits or Robin D'Affection. Or, you could acquire mixed-media pieces that comprise photography past the likes of 1Penemy or a microchip sculpture fabricated by Ben Katz. If you desire something a lilliputian more than abstruse and very much of the time, you could purchase a tweet, its image of a sandwich from Fyre Festival and the copyright to it — for $80,000.
At Flipkick, Ja Rule is the Head of Artists and Repertoire. He currently leads creative person recruitment and management and sources the works of fine art. Many of the artists whose piece of work is bachelor on Flipkick were involved in Fyre Festival, and Ja Rule may exist tapping into his network to become the platform off the ground. Still, critics take questioned this decision — and the fact that all transactions on Flipkick are done through MetaMask, a new crypto wallet.
A Different Wallet: What Is MetaMask?
Then there's Bitcoin, XRP, Dogecoin, Ledger and plenty of other crypto wallets and currencies out there. Cryptocurrency is generated when programs collect binary information and transform it into payment tender for trading, exchanging and purchasing. To brand these transactions happen, you need a crypto wallet. Crypto wallets don't hold greenbacks, though; they're software programs that hold keys that give you access to blockchains to track your crypto balance and purchase history.
Enter MetaMask, a now-key wallet in the crypto scene. Ja Dominion is not directly involved with MetaMask, but MetaMask is the exclusive way to procedure whatever transactions made on Flipkick. Both Flipkick and MetaMask are powered by Ethereum, a popular blockchain network that supports a cryptocurrency called Ether. You lot can't buy whatsoever art from Flipkick without using a MetaMask wallet.
What makes MetaMask and so appealing when there are so many wallet options correct at present? For starters, MetaMask is experiencing a major surge in popularity. According to Decrypt, the amount of money locked into MetaMask wallets totaled $2 billion in July of 2020. That amount was a surge in its own right, perhaps caused by the pandemic, only by September of 2021, MetaMask saw most $100 billion locked in.
Another function of MetaMask's appeal is that it'south a DeFi wallet. That means the user is in accuse of all the security keys — the codes that tape each crypto transaction and reflect the amounts of crypto funds a user owns. If you e'er invest using MetaMask, make sure yous have your keys written down in a few places. Without them, you might not exist able to access MetaMask.
Metamask is not the just DeFi wallet out there, but another feature MetaMask users like is its compatibility with web browsers. This can aid people manage and dorsum upward their investments. Only, this tin also leave users susceptible to hacking. Not to mention most browsers collect data from their users, which can also exit MetaMask wallet users feeling uneasy with the platform'south potential security hazard. The convenience tin open up you up to a lot of opportunities, but it'south vital to research the wallet well.
The currency is decentralized, allowing users to trade Ether with each other without a third political party. So, you can trade your MetaMask currency to purchase physical NFTs at Flipkick, you can store it or y'all tin transfer it to other individuals and organizations. People appreciate the lack of a "middleman" on MetaMask.
What Flipkick and MetaMask Mean for the Changing Financial Landscape
Will Flipkick become the next Fyre Festival? As fun every bit the documentaries virtually it are, it remains to be seen whether Flipkick is able to operate smoother than Ja Rule's 2017 debacle. If the site grows, there'southward potential for artists from a diverse range of backgrounds to reach wider audiences and see added value to and buying over the exchange of their work.
NFTs are creating alter beyond investors — they're changing art as we know information technology. British artist Damien Hirst believes that digital art may outlast concrete art down the road. Imagine a world without fine art galleries where you lot testify your friend a picture of fine art yous just acquired instead. That hereafter is possible. But, without electricity, nosotros'll have a hard time accessing digital art, then more than strides demand to be made in that department.
MetaMask, every bit a platform, likely isn't going anywhere — for the time being. The currency's value has increased an impressive amount in the last year. But fourth dimension volition tell if this is a chimera that pops, but MetaMask has become a big name in the crypto world that seems poised to go along growing.
Ja Rule'south involvement with the cryptocurrency-powered NFT platform may hateful that we'll be seeing more celebrities and artists getting involved in crypto, NFTs and other innovative methods of finance. This feel has also inspired Ja Rule to create a cryptocurrency of his own in partnership with Icon Cryptocurrency (ICX).
As more people go far on the activity, nosotros may see astronomical rises, epic fails and other spectacles from the sidelines. We'll be watching with popcorn in one hand and our phones in the other.
Source: https://www.askmoney.com/investing/flipkick-and-metamask?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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