The Canadian rap star bought the ring at a Sotheby's auction held in celebration of the 50th anniversary of Hip-Hop music and culture. According to US Magazine, Drake bought the ring for $1.01 million earlier this month. He showed off the ring in his Instagram story this weekend while also shouting out Travis Scott's new album, UTOPIA. The ring was designed by Tupac in 1996 just months before his death. It features a gold circlet, which is studded with a cabochon ruby and two pavé-cut diamonds to form the “crown,” which sits on a diamond-encrusted gold band.

It also features the inscription, “Pac & Dada 1996” --a nod to his engagement to Kidada Jones. US Magazine reports that the iconic rapper wore the ring at his final public appearance at the MTV Video Music Awards on Sept. 4, 1996. The rapper was shot three days later on Sept. 7, 1996 and died on Sept. 13. Drake's purchase of the ring for $1.01 million makes it the most expensive purchase of hip-hop memorabilia in history. According to Superstar Blondie, the sale was more than three times the initial estimate. It is the only piece of hip-hop memorabilia to sell for over a million dollars.

Tupac's godmother and advisor Yaasmyn Fula coordinated the creation of the ring more than 30 years ago. She also facilitated the ring's sale at Sotheby's. According to Fula, the ring's design represented the rappers fascination at the time with Niccolo Machiavelli and  was also meant to celebrate his survival “through a tumultuous year in an oft tumultuous life.” “This one-of-a-kind, custom ring was meticulously designed by Tupac and is among the final products of his boundless creative energy — a unique artifact from a period of time that is a testament to his enduring influence on both Hip Hop and global contemporary culture,” Cassandra Hatton, Sotheby’s Global Head of Science & Popular Culture, said in a statement on Friday. “We’re thrilled that this exceptional piece has entered a new chapter in the hands of another legendary artist.”