Russell Simmons to Launch ‘Masterminds of Hip Hop’ NFT Collection – Yahoo Finance

russell simmons to launch masterminds of hip hop nft collection yahoo finance

Russell Simmons to Launch ‘Masterminds of Hip Hop’ NFT Collection – Yahoo Finance

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Legendary record executive Russell Simmons collaborates with Tokau to launch a new non-fungible token (NFT) collection focused on the history of Hip Hop. 

Founder of Def Jam Records, Russell Simmons, has teamed up with Tokau to launch a new NFT collection titled “Masterminds of Hip Hop.” The goal of the sale is to raise money to give credit, both vocally and financially, to original musicians that helped build the hip-hop industry from the ground up. Tokau is a platform that focuses on fan interactions with celebrities and influences via blockchain technology.

Tokau Co-Ceo Dennis Jia stated that “We are super excited to partner with Russell to create this one of a kind NFT which will recognize the creators of Hip Hop.” Jia also doubles down on Simmons’ goal by stating the project is primarily aimed at giving credit back to the original artists.

Simmons said that there are too many rappers and DJs that paved the way for today’s multi-billion-dollar industry that did not receive the accolades they deserved. “Masterminds of Hip Hop aims to give credit back to the creators of the cultural movement,” says Simmons.

Masterminds of Hip Hop Collection

Simmons will be working with Tokau to secure and sign more than a dozen pioneers of hip-hop music and culture. The collection will be separated into two phases, named Pre-Recorded and Early Recording. Each will see upwards of 50 NFTs minted. Each NFT created will be a unique collectible that is designed and curated by Simmons, the artist, and the team at Tokau to encapsulate pieces of hip-hop history in digital form.

The NFTs will tell stories of hip-hop history by visualizing behind-the-scenes stories recounted by each artist themselves. The digital art, as a collection, will tell the story of the origins and development of the hip-hop genre as sort of mosaic.

A spokesperson for Tokau, Miranda Tan, said that the artists are clamoring for new ways to distribute their art and The Masterminds of Hip Hop will help some musicians to do just that. “Artists now have a powerful way to distribute their art using cryptocurrency and blockchain technology.  This reflects a new phase of how fintech and blockchain technology merges with art for the benefit of all,” Tan states.

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