Thursday, September 16, 2021
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Jay-Z apart of group that invests $19 million in NFT company.

Miles Kelley

A couple of months ago, Hip Hop's billionaire Jay-Z made several headlines. The business deals he made involving Armand de Brignac and Tidal sent waves through the industry. Many on Black Twitter had criticism for his moves. Wondering why he would sell such stakes in Black owned business to non Black buyers. Personally, we at Black Business Boost collectively agreed that they were major power moves. And I for one was anxious to see what this was setting up and what his next move would be.

Well, I guess Hov reads our articles because he wasted no time in showing me. Earlier this week Jay was back in the headlines as news emerged of his involvement into the NFT world. Marcy Venture Partners has officially backed NFT marketplace Bitski. Billed as the ‘Shopify for NFTs,’ Bitski specializes in creating NFT storefronts and has reportedly raised $23.4 million to date. Bitski revealed that the Jay’s company was amongst the backers who invested $19 million into the San Francisco-based startup.

Other investors included Roc Nation co-founder Jay Brown, Endeavor CEO Ari Amanuel, Troy Carter and 3LAU. Bitski’s new investors also include another YouTuber MrBeast, tennis legend and Serena Williams. As well as many other senior executives across TikTok, Twitter and Snapchat. The news arrives shortly after Bitski’s recent partnership with Adidas to launch No. 1 NFL draft pick Trevor Lawrence’s NFT collection.

The NFT (Non Fungible Token) market is still relatively new and untapped. Making this a very smart industry to get into while it's still early. I would like to explain to you exactly what an NFT is, but I fear it'll come across pretty much exactly as Michael Che asking Elon Musk to explain Dogecoin. The short of it is that an NFT is a digital, non-replicable version of things we already enjoy collecting. For example, NBATopShot has brought collecting basketball cards into a new era with NFT's. Artwork, music, videos, even the first ever Tweet from Jack Dorsey has made its way to the NFT world.

But Jay-Z's quest to become the biggest ever tycoon to emerge from Hip Hop does not stop there. According to TMZ, the business mogul is planning to further expand his ventures by entering into the world of TV and film production. Through his S. Carter Enterprises company, Jay has filed a trademark for the name “2/J”. He filed under the category of “entertainment services in the nature of creation, development, and production” of television programming, TV series, movies and similar projects.

This shouldn't come as a surprise to anyone. Hov has been a producer on some very powerful documentaries already. He has been behind the Free Meek mini-series that gave us the story behind Meek Mill's battle against the justice system and also the EXTREMELY powerful Kalief Browder story. The rapper turned business man has done so much more than merely entertain us through his art. He has also made sure to use his platform to continue to shed light on areas of America that they try to sweep under the rug. I can honestly say that I am even more excited to see what will come from his production company than what other huge business moves that I'm sure he still has in the pipe. And we can rest assured that he has other moves that he's yet to announce.

Be sure to stay tuned to Black Business Boost as we continue to keep you updated on stories like these and more. Subscribe to our email newsletter to stay up to date on all of your Black business needs.

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