The NFT movement represents all that is heinous and tacky in this world, so it’s no surprise that Fyre Festival has used it to weasel its way into our consciousness again. Ja Rule has sold an oil painting of the Fyre Festival logo as an NFT for USD $122,000.
We’re sure you don’t need any context but here’s a TLDR. In 2017 Ja Rule and his business partner Billy McFarland — who’s currently serving six-years for fraud — marketed a multi-day festival that promised luxury accommodation on a Bahamas island.
The marketing roll-out was on a backbone of paid posts by online influencers implying they were going. Punters shelled out thousands of dollars for tickets but when they arrived at the promised land, none of the luxury or entertainment was there. It was a horror story dominated by soggy cheese sandwiches and lackluster accommodation. One that managed to scam $26 million out of investors.
Ja Rule managed to get his name cleared for his involvement in the festival, now he’s attempting to make coin from the last remaining artifacts of the festival that never was.
The musician was planning to auction off a 48″ by 60″ oil painting of the festival’s logo, which currently lives in Ja Rule’s New Jersey Home. Instead of merely selling the horrendous piece in a traditional auction, Rule opted to capitalize on the NFT craze. The buyer, will receive both the physical painting and a one-of-a-kind digital version of the art.
“I heard about NFTs [first] maybe like, a couple of weeks ago,” Ja Rule shared. “I wasn’t too educated on them, and I’m still learning a lot about it … I think people got a little bit tired of the regular stocks-and-bonds way of investing.”
“I just wanted that energy out,” Ja Rule told Forbes of the painting. The work will also arrive with a note from Ja Rule reading “Fuck this painting.”
— Ja Rule (@jarule) March 24, 2021
“When I first had it made, I was energized — I had embarked on a new business,” he told TMZ in a separate interview. “But then it became a symbol of what could have been. For me, it’s done and over with.”