For her performance, the star slipped out of a demure black lace dress and into a very revealing sheer, show-stopping number.
Backstage, she then posed with a number of fellow celebrities and high rollers, including Avery Lipman, the Founder and President of Republic Records.
In the pair's picture, Nicki flashed a huge pearly white smile - and also her left nipple.
Unsurprisingly it didn't go unnoticed by her fans who soon inundated the Instagram snap with comments highlighting her flesh-baring.
Ahead of the event, the excited rapper shared: "When you’re the only female rapper to grace the cover of TIME MAGAZINE outside of Queen Lauryn."
Ensuring she stood out in a sea of famous faces, the 66-year-old opted for an elegant off-the-shoulder frock by Chiara Boni.
The I Am Cait star, who appeared to be flying solo, looked a picture of poise as she posed for pictures inside the venue.
Caitlyn was joined at the event by the likes of Donald Trump, Karlie Kloss, Lewis Hamilton and Priyanka Chopra.
Other people who made TIME’s coveted list included Aziz Ansari, Dwayne Johnson, Mark Zuckerberg and wife Priscilla Chan, Charlize Theron, Idris Elba, Ricardo Tisci and many more.