Jay-Z Going In Big With Cryptocurrency

Jay-Z is known worldwide as a savvy businessman. Hova has participated in a lot of successful ventures over the years. He even recently tried to buy the Denver Broncos. The rap superstar recently talked about what he sees as the future of the music industry.

Jay-Z and his venture capital firm are making an investment in Spatial Labs, a tech incubator that works in the space of cryptocurrency and blockchain technology. The hip-hop mogul believes these and the virtual reality Metaverse represent the way music is trending as an industry.

Spatial Labs was founded by a technologist from Ghana named Iddris Sandu. Sandu’s previous work includes partnerships with Rihanna, Kanye West, and Uber. The first product under the Spatial partnership with Jay-Z is set to debut next year. Jay is looking forward to the partnership, according to Billboard.

“Iddris has a conscious world view and a youth-centric vision that is innovative and refreshing to witness. We share similar parallels in how we imagine impacting people in our lifetime. Partnering with him on this journey and others is very exciting.”

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The new product is said to be a blockchain-enabled hardware platform of some sort. No further details are known currently. Blockchain is the technology that authenticates electronic transactions such as cryptocurrency in a secure manner. It is similarly applied to NFTs.

Earlier this year, Tory Lanez released an album as an NFT, or “non-fungible token’. The release was plagued by glitches and problems. The partnership between Jay-Z and Spatial Labs hopes to avoid these kinds of pitfalls through research and new product development. Jay-Z has also recently invested in the cannabis industry.

Do you think blockchain tech is the future of music? Let us know your thoughts in the comments!