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Rapper Tory Lanez has also joined the NFT frenzy

NFT

www.thecoinrepublic.com 24 March 2022 03:02, UTC
  
Reading time: ~4 m

Tory Lanez NFT is a Non-Fungible Token collection which the rapper Tory Lanez released. Notably, the crypto collectibles project has been introduced in collaboration with E-NFT. The NFT collection consists of the rapper’s new album “When It’s Dark” as a Non-Fungible Token. When the collection was launched last year, it had an idea for each copy of the album to be minted with a one-of-a-kind token, providing a fool-proof ledger of ownership. Lanez believes that the value of the collectibles come from their verifiable scarcity

What Tory Lanez NFT?

An NFT digitizes a piece of art or music and turns it into a token that is stored on blockchain. These collectibles cannot be replicated and are unique to whoever owns it. NFT describes a one-of-kind, unique good that can’t be readily exchanged for another good within the same asset class.

Over the past few years we have seen that Non-Fungible Tokens have become a desirable collectable as influencers, artists and celebrities use them to promote products.

Following the scenario and craze for these assets, Tory Lanez also released its album “When It’s Dark” as a crypto collectible with each one sold for just $1.

How to buy the rapper’s NFTs collection?

Tory Lanez announced at the time of launch of his collection that there will be a second opportunity to buy the collectables. In order to begin the process, users can go to E-NFT.com and create an account.

Users will then be prompted to confirm their email and click on the link to continue the registration process. After which, we will be able to be redirected to a new page where after scrolling we will see a button to Download the E-NFT app.

Entering our login credentials and a code sent on the email, we can then finish creating an account on E-NFT. With an Emmersive Wallet, we can easily purchase the Tory Lanez NFT.

Tory Lanez NFT sold a million copy

Some detractors in the ecosystem pointed out anyone is able to copy a digital file, and the blockchain certifies its origins. Similarly, the idea was for Lanez’s NFT album to appreciate in value once it became available to resell on the E-NFT marketplace. 

Surprisingly, on the day of the launch, Lanez posted a video to Twitter and unveiled that the album sold one million copies in under a minute and that one of his NFTs had already been flipped for $50,000.

At the time, many on social platforms complained that glitches and inconsistencies in the platform have made selling the NFT difficult, leaving a number of customers who bought the project in hopes of selling for a profit holding the bag. Moreover, There were even homespun YouTube videos outlining fans’ frustrations with their purchase.

Anthonio Vasquez, an NFT artist known as Frag, cited that he acquired 10 copies during the NFT presale period for a total of $10. Furthermore, the 27-year-old cryptocurrency enthusiast says that while the process seemed normal at first, things started to roll downhill.

One enthusiast also complained that the site immediately crashed, and Vasquez says it took more than 24 hours to fully come back online. It was at that point that he discovered other discrepancies. In a Twitter DM, Vasquez underscored that none of the other websites where he’s bought and traded NFTs charge 15% on every sale, only this website that was promoted by Tory.

Rapper can be the crypto Don

When it comes to Tory Lanez, an NFT album, the stakes are not terribly high for any given buyer. Each NFT sold for a dollar upon its release and despite a buggy website, it is not as if anyone is claiming to have lost their life savings. 

Tory Lanez NFT collection has been promoted beyond what we typically see from other celebs when it comes to promoting any product or service. Moreover, it is notable that the rapper has about two million followers on Twitter, which puts any endorsement he makes under a specific type of scrutiny.

How much is Tory Lanez’ NFT on sale for?

The original copies of the Tory Lanez NFT are currently trending for more than many thousands times from its original price. According to the rapper, an album NFT has been sold for $1 and can now be bought for more than $60k. Additionally he highlighted that to comprehend the value of his collection users should look into it and do their own research as it is revolutionary history in the making. However, it is also noteworthy that the lowest copy at press time is going for $30k.


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