Miami-born rapper Lil Pump has jumped in on the non-fungible token (NFT) craze. His ‘Lil Pump Drop’ NFTs are now available on the Sweet marketplace. This further highlights the growing adoption of NFTs in the music and entertainment industry.
American rapper and one of Soundcloud rap’s most prominent figures, Lil Pump, has launched his NFT collection on Sweet. Pump only recently started his foray into the NFT scene but he is one of the earliest bitcoin adopters in the entertainment industry.
Lil Pump Capitalizes on NFT Mania
Lil Pump started accepting bitcoin payments for merchandise on his online store as far back as 2019. The industry has evolved since then, and NFTs are presently the flavor of the week.
NFT markets have flourished in the past few months and have skyrocketed by about 700% in value since 2018. As a result, the industry has gained loads of attention from art and music enthusiasts, and celebrities.
The Lil Pump Drop features the sale of different NFTs on Sweet. The jewelry-themed “Esskeetit Diamond VVS” NFT is highly reminiscent of Lil Pump’s opulent music style which revolves around money and jewelry. It’s priced at $10,000 while the Esskeetit Card is more affordable at $10.
Growing Adoption in the Entertainment Industry
The NFT trade is becoming increasingly saturated. The industry generated over $350 million in the past month and numbers continue skyrocketing.
It has become a lucrative business ground for many hotshots in the entertainment industry. Actress, Lindsay Lohan launched her NFT on Rarible last month. A “Bitcoin Lightning” NFT sold for $50,000 and proceeds were donated to charity.
NFTs have formed a framework for innovation in the entertainment industry. The very first NFT album sale was said to be completed by London-based DJ Justin Blau (stage name DJ 3LAU). Over 33 NFTs sold totaling around $11.7 million.
Rap icon Jay-Z recently partnered with Twitter CEO Jack Dorsey to set up a 500 BTC development trust. The trust is directed at facilitating bitcoin developments in Africa and India. At the time of the announcement, bitcoin was trading at $47,000 equating to around $23.5 million.