Russell Simmons is the latest hip-hop figure to dive into the cryptocurrency market, as the iconic mogul will unveil the first in a collection of NFTs—otherwise known as non-fungible tokens—titled “Masterminds of Hip-Hop” this Friday (Aug. 13), according to Page Six.
However, the move is not a mere cash-grab for Simmons, as the 63-year-old intends to use the proceeds to assist and show his appreciation for the pioneering artists, DJs, and other notable figures who helped lay the foundation for what hip-hop culture has evolved into today.
“I often think of the early days of pre-recorded hip-hop when it was only a performance art,” explained the Queens, N.Y. native. “There were rappers and DJs who pioneered the space and made it so popular that the recording of rap artists was imminent.” He continued, adding, “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.”
“Masterminds of Hip-Hop” will include unreleased recordings and artwork from various hip-hop legends such as Public Enemy’s Chuck D., Doug E. Fresh, Big Daddy Kane, MC Lyte, Nikki D, DJ Hollywood, Busy Bee, and Grandmaster Caz. The collection, which will be available on Tokau, has also garnered interest from other rap luminaries, like Snoop Dogg, who want to jump on board to lend their support.