An Eminem fan has spent £71,000 ($100,000) on a ‘Stan’s Revenge’ Non Fungible Token (NFT).
Fan Tom MacDonald bought the NFT and turned it into his own three-minute track, ‘Dear Slim’. It’s had almost 4 million views since he uploaded it to YouTube.
MacDonald raps on the song: “Whether you love me or hate me or think I’m crazy/ Dropped a hundred grand to get a beat from Shady/ I really hope when I bought it he wasn’t angry/ But I really had to tell him that he made me.”
Explaining his decision to purchase the NFT, MacDonald wrote on Twitter: “’Dear Slim’ was probably the most expensive & creative Thank You in Hip-Hop history.
“I cant even pretend to give a fuck if you don’t like it…I’m not humble enough to downplay how dope it was…and I’m not too cool to acknowledge the man who inspired me. Suck it.”
A description on Eminem’s website said the collection would “feature a variety of Eminem-approved NFT collectibles” as well as “original instrumental beats produced by Slim Shady himself specifically for this release”. He is reported to have already made over £1.3million from the event.
Speaking about the collection, Eminem said: “I’ve been collecting since I was a kid, everything from comic books to baseball cards to toys, as well as every rap album on cassette I could get my hands on.
“Not much has changed for me as an adult…I’ve attempted to re-create some of those collections from that time in my life, and I know I’m not alone. I wanted to give this drop the same vibe of, ‘Oh, man I gotta get just that one or maybe even the whole set!’ It’s been a lot of fun coming up with ideas from my own collecting passion.”
An NFT, as NME‘s Mark Beaumont explained in a blog, is a form of cryptocurrency asset. Most cryptocurrencies are fungible (or ‘spendable’) tokens; you can exchange them for other cryptocurrencies or spend them on goods where they’re accepted.
“Non-fungible tokens act like digital gold bars, rare trading cards or paintings kept in safe storage – they’re kept on the blockchain (basically a Cloud for financial assets, but where everyone with an account keeps a note of what you own) in your name but you can only sell or trade them as collectibles,” he wrote.