Nfts
The Wu-Tang Renaissance | Without a bank
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NFT roundup
The rebirth of Wu-Tang
The big news this week? Collector collective PleasrDAO has transformed hip hop collective Wu-Tang Clan’s legendary album Once Upon a Time in Shaolin into a digitized and encrypted NFT.
The record, initially made in secret for 6 years and released as a single physical copy, became the most expensive work of music ever sold when Martin “Pharma Bro” Shkreli purchased it for $2 million in 2015.
The album, purchased by Pleasr from the U.S. Department of Justice for $4 million in 2021 to cover Shkreli’s legal debts, was originally scheduled to be sealed until 2103.
Thanks to Pleasr’s new collaboration with the Wu-Tang Clan, however, anyone can now buy an NFT for $1 based which provides access to an album sampler and advances the public release of the album by 88 seconds at a time, aiming for a full crowdsourced release well before 2103.
Why is this drop so significant? Because it’s a bold experiment in chain music distribution. It challenges and shifts traditional notions of ownership and access to music, while allowing fans to directly participate in the release process towards a new type of collective ownership.
Additionally, while sentiment around DAOs appears to be at an all-time low recently, this experience illustrates how on-chain collectives are still viable and can have real-world impact.
That said, Pleasr’s initiative is not only about sharing a unique piece of music history, but also about opening new avenues of digital collaboration and community projects. This is worth applauding and following closely accordingly!
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