Moderated by "30 Rock" star Tracy Morgan, the awards gala at Manhattan's Hammerstein Ballroom is slated to air Monday on VH1.
Also honored at the event were A Tribe Called Quest, Fab 5 Freddy, Charlie Ahern, Teddy Riley and Andre Harrell.
The music and influence of each of the honorees was recognized through performances by classic artists in collaboration with today's hottest talent, VH1 said in a statement.
T.I., Ice T, Bow Wow, Tweet, Timbaland, Eve, Keyshia Cole, Fatman Scoop, Ciara, Nelly Furtado, Andre Harrell, Ne-Yo, T-Pain, LL Cool J, Chris Rock, Common, Lupe Fiasco, Busta Rhymes and Diddy all took part in the festivities.
Swim Week Miami Beach 2014 [PHOTOS]