Nfts
This $4 Million Wu Tang Album NFT Will Go On Sale For $1, Here’s Why
The exclusive Wu-Tang Clan album will be released via an encrypted non-fungible token (NFT) that will unlock more tracks over time. Surprisingly, this Wu Tang NFT will go on sale at a very ridiculous amount.
The Wu Tang NFT minted on base
PleasrDAO, a crypto collective that collects culturally significant items, announced plans to sell encrypted on-chain copies of “Once Upon a Time in Shaolin.” This is the one-of-a-kind Wu-Tang Clan record that PleasrDAO acquired three years ago for $4 million.
As reported, users will be able to access the encrypted album starting June 13 via a dedicated website. Items are priced at $1 each.
Base, Coinbase’s layer 2 Ethereum scaling network, will host the NFTs. PleasrDAO, in collaboration with Privy, Crossmint and Holograph, is responsible for the distribution of digital collectibles. In 2015, the Wu-Tang Clan reached an agreement with the owners of “Once Upon a Time in Shaolin” that categorically prohibited them from commercially exploiting the record until 2103.
The existence of this unique agreement developed by the Wu-Tang clan. This happened when they sold only one copy of the album in 2015, which plays an important role today.
PleasrDAO confirmed that he has been secretly working on this project with the album’s producers for around six months. The crypto collective put a lot of effort into securing exclusive marketing rights to as much music as possible on the album. As it stands, PleasrDAO has successfully acquired the rights to 16 songs out of the album’s 31 tracks.
Using Blockchain Technology to Fight Music Devaluation
Moving forward, the plan is to gradually share larger and larger pieces of this curated library with buyers of the encrypted album over time. This is a strategy to effectively decrypt the album for holders, piece by piece.
The NFT deal dates back ten years ago. It was around this time that the Wu-Tang Clan sold a single copy of an album they had produced in secret over six years. It was a way of protesting what was seen as a broken model of valuing music in an increasingly digital world. In other words, the integration of blockchain technology was seen as the answer to the problem. promote music The right way.
“This album was created to challenge what it means to value music in the digital world,” said Leighton Cusack, one of the founders of PleasrDAO.
Learn more: Ripple vs. SEC: Lawyers weigh in on SEC’s XRP appeal, settlement and final judgment date