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Announcing that he would pick a final bid for his first NFT on the 8th of February at 4 pm PST, Shinoda said he would donate the proceeds to the scholarship he founded at ArtCenter College of Design.
The American musician, Linkin Park rapper and songwriter Mike Shinoda has announced his first piece of non-fungible token (NFT) art. The musician announced his first piece of NFT art in a tweet posted on the 6th of February.
I made a thing: https://t.co/nxirMUsCvb #NFTs #Cryptoart @ourZORA
— Mike Shinoda (@mikeshinoda) February 6, 2021
According to a report by Decrypt, Shinoda’s piece of NFT art is called “One Hundredth Stream.” The piece dropped on Zora, an NFT auction site where buyers have been placing their bids. When Decrypt published its report, the highest bid on the One Hundredth Steam was 18,000 Dai. Dai, being a stablecoin pegged to the US dollar, means that the highest bid reported by Decrypt was $18,000 in fiat currency.
At press time, a report on Zora said the last bid for the One Hundredth Stream is 6.66 WETH. Zora also revealed that the creator of the NFT art has a 15% share.
In a separate tweet, Shinoda replied to a Twitter user who requested more details on the NFT art. The curious user asked if the file was a full song, the file format, and when the auction ends. Shinoda responded that the buyer would not own the “song” or “master,” or “copyright” but the file. He further explained:
“If I write an original lyric on a piece of paper, I own that lyric. If you buy that piece of paper, you own that paper. And it is one-of-a-kind. In this case, you get a certificate of authenticity via blockchain that you are the sole owner. Creators who have been commodified by platforms forever. Here, the value of your work/art/idea is defined by the market. This NFT started at $0. Apparently, people think this creation is worth a lot more.”
Furthermore, Shinoda assured that there would be more to come. Shortly after, the musician revealed that an individual bid $10,000 on the piece. He added that the eventual owner of the One Hundredth Stream could decide to hold or resell the item.
Shinoda to Donate Proceeds of NFT to ArtCenter Scholarship
Announcing that he would pick a final bid for his first NFT on the 8th of February at 4 pm PST, Shinoda said he would donate the proceeds to the scholarship he founded at ArtCenter College of Design.
In a more recent tweet, Zora announced that a $30,000 bid had been accepted and congratulated Shinoda on his first cryptomedia sale.
Reiterating his donation plans, Shinoda said in response to Zora’s announcement:
“$30k US will be going to the ‘Michael K Shinoda Endowed Scholarship’ at @artcenteredu to benefit students based on artistic merit and financial need.”
Shinoda is not the first creative to produce non-fungible tokens. In late-January, Rick and Morty creator Justin Roiland sold his first crypto art collection for more than 1,300 ETH, worth $165 million.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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