Reggae artist Kabaka Pyramid has ventured into the world of crypto trading in non-fungible tokens, called NFTs.
In a post on his account Instagram, the artist noted the success of his initial engagement in this form of commerce.
“It's something we did in collaboration with a Brazilian company. They are definitely ahead of the game when it comes to NFTs. They are also really committed to spreading the culture of Jamaica, reggae and Rastafarian. ", He explained.
Kabaka Pyramid also noted that this digital art release was part of a larger collection that also included works by his reggae colleagues Etana, Bushman, Micah Shemaiah and the late Lee “Scratch” Perry.
The entire collection sold for nine Etherium, Perry's work for 4,5 Etherium.
“It was such a smooth process and the beauty is that there is no middleman and everything is transparent. I could watch the auctions unfold, see who was bidding and who ultimately won. The artists received 70% of the final sale price and there is a commission to Cryptorastas as well as the space where the auctions and teasing takes place, which is Open Seas. The great thing about Cryptorastas is its sense of giving back to the community. They donated to local charities such as the Alpha Boys' School and Haile Selassie High School. ”
While these were his first steps in NFT, Kabaka Pyramid recognized that this form of investing is something he loves.
“You really can't lose. There are situations where these digital designs sell for tens of thousands of dollars, so it's a good financial move to enter the crypto space. I always advocate for people to have some form of investment and I find it a way to decentralize your finances and be more diverse.