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Def Jam Records founder Russell Simmons wants to give back to the pioneers of hip-hop with a new NFT.
On Friday, Simmons will launch hip-hop’s first collection of NFTs — digital files known as non-fungible tokens that use blockchain, the technology that secures cryptocurrencies — titled “Masterminds of Hip-hop,” Page Six has exclusively learned.
The NFTs will feature never-before-seen or heard recordings and artwork from artists such as Public Enemy’s Chuck D., Doug E. Fresh, Big Daddy Kane, MC Lyte, Nikki D, DJ Hollywood, Busy Bee and Grandmaster Caz,
“I often think of the early days of pre-recorded hip-hop when it was only a performance art. There were rappers and DJs who pioneered the space and made it so popular that the recording of rap artists was imminent,” Simmons said in a statement.
“None of them has received the accolades that I believe they deserve and this is my chance to use a new vehicle to revisit and repay these amazing artists while they are still living,” he added.
The collection will be available on the NFT platform Tokau. An insider familiar with the NFTs told us other hip-hop stars like Snoop Dogg want to be a part of the “first iteration of it” and likened it to being similar to the “first wave, of like a sneaker drop,” the source said.
But even though heavyweights like Snoop Dogg and Chuck D. are signing on, we’re told Simmons wants to help more obscure artists who were around in the beginning.
“It’s his way of helping some of the rap pioneers who have been less fortunate than the new rap generation, who have made millions off the culture. This NFT collection will help the community,” the insider said.
Simmons is in New York this week to attend a party for the launch. It will be one of the few major events the disgraced music mogul has attended since he fled New York for Bali in 2018 after multiple women accused him of sexual assault.
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