Reggae artiste Kabaka Pyramid has ventured into the crypto commerce world of non-fungible tokens, popularly referred to as NFTs.
This new form of e-commerce involves the sale of one-of-a kind digital commodities which can be resold to the benefit of the creator. In a post to his Instagram account, the artiste noted the success of his initial engagement in this form of trading.
When the Jamaica Observer caught up with him, he explained that he could not be more pleased with how well his debut NFT was met by the marketplace.
“This was something we did in collaboration with a Brazilian company called Cryptorasta. They are really ahead if the game when it comes to NFTs. They are also truly committed to spreading the culture of Jamaica, reggae and Rastafari. My NFT was digital art which was put to auction for 24 hours and was finally sold for 1.9 Etherium which is the crypto currency in which it is traded. This is about US$4,000,” he shared.
Kabaka Pyramid also noted that this release of digital art was part of a wider collection which also included works of his fellow reggae acts Etana, Bushman, Micah Shemaiah and the late Lee “Scratch” Perry.
The entire collection sold for nine Etherium, with Perry's work going for 4.5 Etherium.
“It was such a smooth process and the beauty is that there is no middle man and everything is transparent. I could watch the bidding take place, see who was bidding and who finally won. The artistes got 70 per cent of the final sale price and there is a commission to Cryptorastas as well as the space which the auction and teasing takes place which is Open Seas. The great thing about Cryptorastas is there sense of giving back to the community. They have been making donations to local charitable organisations such as the Alpha Boys' School and the Haile Selassie High School.''
While it was his first step into NFTs, Kabaka Pyramid acknowledged that this form of investment is something that he is into.
“You really can't lose. There are situations where these digital designs sell for tens of thousands of dollars, so is a good financial move to get into the crypto space. I always advocate for persons to have some form of investment and I find that this is a way to decentralise your finances and be more diverse.”
“The world of NFTs is limitless. Almost anything can be traded in this way. I've heard of artistes dropping one million copies of an unreleased album selling them for US$1 each. There is the possibility to sell a lifetime Kabaka Pyramid concert ticket or album artwork... possibilities are truly endless,” he continued.
Kabaka Pyramid continues to work on new music having just completed a tour of the United States with American reggae band Rebelution a few months ago.