An original painting, commissioned by Ja Rule, has been sold at auction for around $122,000 through the rapper’s NFT venture KickFlip, which offers established and up-and-coming artists, and holders of valuable art the opportunity to monetize their work with non-fungible tokens.
— Ja Rule (@jarule) March 24, 2021
Although Fyre Festival creator Billy McFarland was sentenced to six years in prison for fraud, investor Ja Rule was cleared of similar charges after a judge determined he didn’t know about the behind-the-scenes logistical failures that turned the luxury festival into a documentary-worthy fiasco. In an interview with Forbes about selling the painting, Ja explained that he really wanted to get rid of the painting because he felt it brought him “bad luck.”
And while $120,000 seems like a tremendous profit on the $2,000 painting, it’s a big step down from his original asking price of $600,000. I guess people weren’t willing to go in that deeply on something Ja Rule’s selling.
Rule said he was initially going to put this piece of art he paid $2,000 for on eBay, but was convinced to go the NFT route. While the rapper and entrepreneur admittedly only found out about NFTs a couple of weeks ago, he’s putting in the work to learn more about it. Rule was named one of the top five people making waves in the crypto market this week by BeInCrypto, so he seems to be doing something right.