Paramedics desperately tried to save the 16-year-old, named locally as Showkey, but he died at the scene in Peckham, South London, just after 7.15pm last night.
Shocking video footage has emerged showing the schoolboy lying in a pool of blood as police work on him in front of a crowd of shocked teenagers.
The graphic footage, which we have chosen not to publish, has been circulated on social media overnight.
Met Police have launched a murder investigation and say a number of weapons have been recovered.
His death comes just months after his close friend and fellow musician Myron Isaac Yarde, 17, was knifed to death after a fight allegedly broke out between youths.
It includes the lyrics: "Is the streets really worth it? The good die young and my n***** was almost perfect."
Tributes have flooded social media in the hours after Showkey, whose real name is believed to be Leoan, was stabbed.
Award-winning rapper Giggs led the tributes to the youngster, saying he was "proper sad" to hear of the tragedy and that he was a fan of his music.
Writing on Twitter he said: "RIP to Showkey, I'm proper sad to hear that man.
"Bad boy artist man, proper heavy spitter.
"I was a fan,and I'm proper sad to even post this man.
"Proper feel it for his parents man, my thoughts and prayers go out to them."
He also used as an opportunity to tell young people to "get out of the hood".
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