As an analyst with a background in music industry and blockchain technology, I find the Wu-Tang Clan’s decision to sell their exclusive album as NFTs through encrypted copies quite intriguing. This move is a testament to how technology is revolutionizing the way we consume and value art, especially music.
The Wu-Tang Clan’s unique album will be sold as an encrypted Non-Fungible Token (NFT). Surprisingly expensive, this NFT grants access to additional tracks progressively.
The Wu Tang NFT Minted on Base
As an analyst, I’d rephrase it this way: Three years ago, I, along with PleasrDAO – a crypto collective specializing in acquiring culturally significant objects – spent $4 million to obtain a unique Wu-Tang Clan album titled “Once Upon a Time in Shaolin.” Now, we’ve decided to sell encrypted on-chain copies of this one-of-a-kind record.
Starting on June 13, users have the ability to view and purchase individually priced items from the encrypted album through a specific website. Each item costs $1.
Coinbase’s Ethereum layer 2 scaling solution, Base, will serve as the venue for hosting NFTs. In partnership with PleasrDAO, Privy, Crossmint, and Holograph, the distribution of these digital collectibles is being facilitated. Back in 2015, an unusual agreement was reached between the Wu-Tang Clan and the owners of “Once Upon a Time in Shaolin” album: they were prohibited from exploiting the record commercially until the year 2103.
The distinctive accord created by the Wu-Tang Clan back in 2015, upon selling just one copy of their album, remains relevant today.
As a crypto investor involved with PleasrDAO, I’m excited to share that we’ve been quietly collaborating with album producers for the past six months on an intriguing project. Our crypto collective has poured significant energy into this endeavor with the goal of securing as many commercialization rights for the music on the album as possible. Currently, PleasrDAO has successfully obtained rights to 16 out of the 31 tracks featured in the upcoming album.
Using Blockchain Technology to Tackle Devaluation of Music
Going ahead, our intention is to provide buyers of the encrypted album with gradually larger segments of the chosen library. This approach serves to decipher the album for owners progressively.
Approximately ten years ago, the Wu-Tang Clan made history by selling a unique album they had kept hidden for six years as an NFT. This groundbreaking move represented a response to the perceived injustice of music valuation in the digital age. Essentially, they believed that integrating music with blockchain technology was the key to restoring fair value to creative works.
As a researcher delving into the intersection of music and technology, I’d express it this way: “I, along with my co-founder Leighton Cusack at PleasrDAO, crafted this album to provoke thought about the significance of music in the digital realm.”
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2024-06-13 18:04