Ja Rule has sold his Fyre Festival painting for $122,000 (£88,500).

The rapper told Forbes that he decided to sell the oil painting of the doomed festival's logo - which had been hanging in the festival's New York office while it was being planned - because he "just wanted that energy out".

According to Consequence of Sound, the artwork was accompanied by a handwritten note from Ja Rule which read "F**k this painting", and went up for auction on Tuesday with a reserve price of $60,000 (£43,500).

The buyer, who has chosen to remain anonymous, purchased the piece via Ja Rule's new currency company KickFlip, which allows artists to sell physical work by using NFT (non-fungible token) form.

“I heard about NFTs first maybe like, a couple of weeks ago,” Ja Rule told Forbes, explaining: “I wasn’t too educated on them, and I’m still learning a lot about it … I think people got a little bit tired of the regular stocks-and-bonds way of investing.”

The Fyre Festival was billed as a luxury music festival with Ja Rule and Blink-182 among the acts set to appear, but the event turned out to be an unmitigated disaster, with music fans and thrill-seekers, who paid thousands to attend, left stranded without proper accommodation or amenities.