Wednesday, May 29, 2024

Tidal Wave: Jay Z, Shawn Mendes Manager, Prince Estate Chief Part of $19 Mil NFT Investment That Could Affect Music Biz

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There’s a lot to explain here.

Jay Z, Shawn Mendes’s manager Andrew Gertler, and Prince estate chief Troy Carter are among those who’ve been of a $19 million investment in a bitcoin company called Bitski. Also on the list: the ex Mrs. Rupert Murdoch aka Wendi Deng, and Serena Williams.

Bitski’s founder is Donnie Dinch is described as also the co-founder and CEO of WillCall, a music discovery app that makes it incredibly easy for people to see live shows.

Jay Z just sold his Tidal streaming service to Jack Dorsey’s Square for $350 million. But he’s sticking around. Jay’s partners in Tidal included his wife, Beyonce, Madonna, and Kanye West.

Launched in 2018, Bitski lets brands, game developers, and consumers create, sell, and purchase NFTs on its platform. NFT’s are non fungible tokens, a kind of digital currency, that is trying to overthrow our economy. No one understands it, but someone does and those people are going to have the last laugh.

Jack Dorsey gets it. On February 12th, Dorsey tweeted “Jay Z and and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us.”

On March 4th, Jay Z tweeted: “I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey…Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board…This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Since the Tweets we’ve seen The Weeknd make $2.9 million with an NFT offering. Mick Jagger made $50,000 for charity. Recording artists are hooking up with digital artists to offer new limited editions of projects to eager bitcoin investors. Since Tidal couldn’t compete with Spotify, maybe they can move in this direction with Dorsey’s money and management and Jay Z’s connections. We know that if “cutting edge” are the words uttered, Kanye will be there in a second.

NFTs, the return to live performance, Bitski, Jay Z, Twitter, Prince, Shawn Mendes all the ingredients are there for something. Stay tuned…

 

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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