Lil Baby took home the award for Hip Hop Artist of the Year.
Artists set to perform during the tribute include Method Man, Busta Rhymes, Griselda, and more.
Anderson .Paak, Bruno Mars, and Chloe x Halle trail Drake and Cardi B with four nominations each.
Master P is to receive the ‘I Am Hip Hop’ Award at the event on October 27.
The record debuted at No. 3 on the Billboard 200 and soon vaulted to No. 1. It was certified platinum in 2016.
Following her show-stopping performance at the BET Awards last night, R&B star Summer Walker announced she has a new EP on the way, with ‘Life on Earth’ dropping on 10 July.
Public Enemy recreated their classic 'Fight the Power' video to open the show, while Lil Wayne paid tribute to Kobe Bryant.
The artist is up for six awards, including Best Male Hip-Hop Artist and Video Of The Year.
The award will be presented during the 19th annual BET Awards ceremony in Los Angeles on 23 June.