An Eminem fan has spent £71,000 ($100,000) on a ‘Stan’s Revenge’ Non Fungible Token (NFT).
Fan Tom MacDonald bought the NFT and turned it into his own three-minute track, ‘Dear Slim’. It’s had almost 4 million views since he uploaded it to YouTube.
MacDonald raps on the song: “Whether you love me or hate me or think I’m crazy/ Dropped a hundred grand to get a beat from Shady/ I really hope when I bought it he wasn’t angry/ But I really had to tell him that he made me.”
Explaining his decision to purchase the NFT, MacDonald wrote on Twitter: “’Dear Slim’ was probably the most expensive & creative Thank You in Hip-Hop history.
“I cant even pretend to give a fuck if you don’t like it…I’m not humble enough to downplay how dope it was…and I’m not too cool to acknowledge the man who inspired me. Suck it.”
Back in April, Eminem announced the launch of ‘Shady Con’, a digital festival that gave fans the chance to own an NFT collectable.
A description on Eminem’s website said the collection would “feature a variety of Eminem-approved NFT collectibles” as well as “original instrumental beats produced by Slim Shady himself specifically for this release”. He is reported to have already made over £1.3million from the event.
Speaking about the collection, Eminem said: “I’ve been collecting since I was a kid, everything from comic books to baseball cards to toys, as well as every rap album on cassette I could get my hands on.
“Not much has changed for me as an adult…I’ve attempted to re-create some of those collections from that time in my life, and I know I’m not alone. I wanted to give this drop the same vibe of, ‘Oh, man I gotta get just that one or maybe even the whole set!’ It’s been a lot of fun coming up with ideas from my own collecting passion.”
An NFT, as NME‘s Mark Beaumont explained in a blog, is a form of cryptocurrency asset. Most cryptocurrencies are fungible (or ‘spendable’) tokens; you can exchange them for other cryptocurrencies or spend them on goods where they’re accepted.
“Non-fungible tokens act like digital gold bars, rare trading cards or paintings kept in safe storage – they’re kept on the blockchain (basically a Cloud for financial assets, but where everyone with an account keeps a note of what you own) in your name but you can only sell or trade them as collectibles,” he wrote.
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