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Screenshot: Ja Rule (Twitter)

A portrait of the Fyre Media logo held by rapper Ja Rule sold at auction for $122,000 through the rapper’s NFT venture Flipkick painting, Ja Rule said on Twitter.

Why it matters: Because markets are efficient.

What it means: NFTs, or non-fungible tokens, are typically digital or virtual items (music, artwork, video game powers) that are accompanied by a blockchain ownership record, but can also include real-life items with a digital ledger entry.

It gets better: In addition to the painting, the NFT includes a note from Ja Rule that says, “F---k this painting.” An autograph is also available upon request, according to Complex.

  • Ja Rule said he bought the painting for $2,000 and has kept it in his house since the company's headquarters closed following the disastrous Fyre Festival in 2017, per Forbes.

The bottom line: This is a real story. All of this really happened.

Editor's note: This story has been corrected to show that the name of Ja Rule's NFT venture is Flipkick (not KickFlip).

Go deeper

6 mins ago - Health

The drugs pushing prescription prices down for Medicare patients

Illustration: Annelise Capossela/Axios

Although net prices of brand-name drugs have increased significantly over the last decade, the savings produced by generics have actually driven average prescription prices down in Medicare's pharmacy benefit and Medicaid, according to a new analysis by the Congressional Budget Office.

Why it matters: The analysis reiterates that the generic market is largely working as intended.

Ben Geman, author of Generate
50 mins ago - Energy & Environment

Electric vehicle "tsunami" expected as new models hit market

Illustration: Aïda Amer/Axios

Bank of America analysts see 2022 as a "major year of commercialization" for the electric vehicle market amid a slew of new vehicle launches and many more on the horizon.

Driving the news: Over 85 new models are slated to launch in model years 2022-2025 (calendar 2021-2024), they said in a note that says a "tsunami" of new cars are coming.

2 hours ago - Sports

Robot umpires inch closer to calling MLB games

The Automated Ball-Strike system (ABS), the tech powering what's colloquially known as robo-umps, is inching ever closer to the big leagues.

Driving the news: The independent Atlantic League — which has partnered with MLB since 2019 — last week announced it was doing away with robo-umps after testing them for the past season-and-a-half.