PleasrDAO has revealed himself as the new owner of Wu-Tang Clan’s unreleased album “Once Upon a Time in Shaolin”.
The 74 members of the Decentralized Autonomous Organization (DAO) now share collective ownership of the album. The group bought the only copy of the album from the US federal government for $ 4 million at the end of July this year, collected it in September and moved it to a vault in an undisclosed location in New York. The DAO has coined the title deed as an NFT with the help of cryptocurrency attorney Peter Scoolidge.
A collective of DeFi leaders, early NFT collectors and digital artists, PleasrDAO is well known for having tokenized the original Doge meme and for having purchased Edward Snowden’s “Stay Free” artwork for 2,224 ETH.
The government came to possess the album in 2018 after seizing the assets of former owner ‘Pharma Bro’ Martin Shkreli on fraud charges.. Shkreli, who was widely vilified for raising the prices of life-saving drugs by as much as 5,000%, had anonymously purchased the album in 2015 for $ 2 million, making it the most expensive piece of music ever sold at the time.
#Breaking Wu-Tang Clan album secured. https://t.co/ku1enESCRi
– ✨ PleasrCLAN (@PleasrDAO) October 20, 2021
The Wu-Tang Clan album is insured.
The leader of the Wu-Tang Clan, RZA, and the album’s producer, Cilvaringz, originally created the album in response to their concerns that piracy and digital streaming cheapen the value of music..
Cilvaringz says that they hoped the album would “restore the value of fine art to music, a mission finally possible in today’s environment, nearly a decade later with NFT technology and the ability to mint this album as a unique 1: 1 original. “.
For this reason, PleasrDAO’s interest in the album is self-explanatory.wrote “Chief Pleasing Officer” Jamis Johnson in a blog post.
“Once Upon a Time in Shaolin is, in many ways, the ‘OG NFT’ before NFT technology made its way into the zeitgeist.”
As for the future of the album, Johnson says that PleasrDAO believes that the “next chapter in the incredible story of this album should be native to Web 3.0“.
Should have been an NFT. Ownership and uniqueness would still be preserved even if everyone listened to the album. Instead, the value lies in this being a treasure hidden from the world. This is why NFTs are so powerful. https://t.co/QSvpBAH5ic
– Tyler Winklevoss (@tyler) July 27, 2021
It should be an NFT. The property and uniqueness would remain even if everyone listened to the album. Its value lies in the fact that it is a treasure hidden from the world. This is why NFTs are so powerful.
The DAO is still bound by a legal agreement that supports the album and that prevents it from being released commercially until 2103, although listening is allowed.. Despite this, the group insists that it “firmly believes that there are ways to share this musical masterpiece with the world.”
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