Jim Jones Finessed His Expensive Rapper Jewelry Into An NFT Investment – Here’s How He Did It
Like JAY-Z, Jim Jones is an entrepreneur currently disrupting several different economically booming industries.
Between ventures in the cannabis industry, with Capo-Saucy Extract Farms, his Vampire Life clothing line and the newly launched Quarantine Studios, Jones has created several revenue streams over the years by identifying and investing in emerging markets.
During an interview with the Breakfast Club on Tuesday (March 16), Capo opened up about his business practices, revealing how he is using his investments in cryptocurrency to diversify his income.
“Cryptocurrency is dope,” Jones began. “The space just for the culture is dope it’s definitely like the ‘Wild Wild West,’ when it comes to making money. You know you got the bitcoin and then you know, that’s on its own thing. And then you have coins that they have on Ethereum basis, which is like the next biggest platform for the cryptocurrency.”
Jones then jumped into how he has utilized his influence to leverage profits in the developing crytpocurrency space of NFT’s (non-fungible tokens) after he created his $CapoCoin in partnership with Zaptheory — which is essentially a social marketplace for croyptocurrency and NFT’s, like Etherum.
“I was fortunate enough to create my own coin, which is the Capital Coin [$CapoCoin], on a Zaptheory platform and Zaptheory is actually on the Ethereum platform so if you have Ethereum right now you can purchase the $CapoCoin.”
“But in a few weeks you’ll be able to purchase the capital coin with your actual credit card and I’ve been doing like these little like these little virtual parties and showing people how to get invested in the Capital Coin,” he said” And then you notice the other thing people been talking about in NFT’s which is non-fungible tokens which is another uh big thing. That’s pretty much I call it like a digital baseball card, to make so people could understand it a little bit more. It gets a little bit more intricate than that but the money is definitely for real definitely serious.”
“Is probably the next biggest way you can make some money since uh the marijuana started becoming legal and before that, I guess it was the dot-com and before that like prohibition and with all the gold in America. So now cryptocurrency is the next thing up to for people to get rich and create. “
Within the last month, NFT’s, which can be collectible items or a string of events, have exploded within the music industry as artists such as Post Malone, MF DOOM, and Lil Pump all have announced NFT experiences of their own.
But Capo is staking his claim as one of the pioneering Hip Hopers within the space. While detailing his introduction to NFT’s, Jones describes how he turned a picture of his Vampire Life chain into an NFT that already resold for more than three-times what it was originally auctioned for eight months ago.
“I probably am the first entertainer to sell an NFT,” Jones nonchalantly proclaimed. “Eight months ago I took a picture of one of my Vamp Life chains and I gave it to my partners over at Zaptheory. They was trying to show me what the NFT actually was and he came back and told me, ‘Oh that picture sold for a thousand dollars,’ and I’m like ‘What do you mean? You just took a picture of my chain and somebody bought it for a thousand dollars?’ And then have recently with the NFT boom the person who actually brought the first picture has resold it for over five thousand dollars. So now and then I get a certain percentage of every time my NFT gets sold so I always in the loop and then you know, as Ethereum goes up my crypto wallet also goes up so long as I keep the money inside of that while as long as these platforms keep hitting numbers, I make money on both sides.”
Like Jim Jones, Lil Yachty galvanized his potential earnings in the NFT cryptocurrency space last December when he managed to rake in over $16,000 for a single collectible coin NFT auction on the Nifty Gateway NFT marketplace.
Watch the full video interview above and follow-up with some light reading on Hip Hop artists breaking into the NFT market.