Technology

This $4M Wu Tang NFT Album To Go On Sale For $1, Here’s Why – Crypto News

Published

2 years ago

June 13, 2024

Dripp

The Wu-Tang Clan’s exclusive album will be released via encrypted Non-Fungible Token (NFT) that will unlock more tracks over time. Shockingly, this Wu Tang NFT will go for sale at very ridiculous amount.

The Wu Tang NFT Minted on Base

PleasrDAO, a crypto collective that collects objects of cultural relevance announced its plan 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 noted, users can access the encrypted album from June 13 via a dedicated website. The items are up for priced for $1 each.

Base, the Ethereum layer 2 scaling network from Coinbase, will host the NFTs. PleasrDAO in collaboration with Privy, Crossmint, and Holograph, is charged with the distribution of the digital collectibles. In 2015, Wu-Tang Clan entered an agreement with owners of “Once Upon a Time in Shaolin” which outrightly prohibited them from commercially exploiting the record until 2103.

The existence of this unique agreement that was crafted by the Wu-Tang Clan. This came when they sold a single copy of the album in 2015, plays a significant role today.

PleasrDAO confirmed that it has secretly been working on this project with the album producers for about half a year. The crypto collective invested so much effort with the aim of getting exclusive commercialization rights to as much music on the album as possible. As it stands, PleasrDAO has successfully acquired rights to 16 music out of the 31 tracks on the album.

Using Blockchain Technology to Tackle Devaluation of Music

Moving forward, the plan is to share progressively larger pieces of that selected library with purchasers of the encrypted album over time. This is a strategy to effectively decrypt the album for holders, piece by piece.

The NFT deal trace its significance back a decade ago. This was when the Wu-Tang Clan sold a single copy of an album they produced in secret for six years. This was a means of protesting what was seen as the broken model of valuing music in an increasingly digital world. In other words, integration with blockchain technology was seen as the answer to valuing music the right way.

“This album was created to question what it means to value music in the digital world,” said Leighton Cusack, one of the founders of PleasrDAO.