The one-of-a-kind Wu Tang Clan album made infamous by Martin Shkreli was sold by the government to a crypto collective
- The US government sold Wu-Tang Clan's one-of-a-kind album to a crypto collective called PleasrDAO.
- The album was sold as part of "pharma bro"
Martin Shkreli's monetary judgment.
Wu-Tang Clan's one-of-a-kind album - once owned by Martin Shkreli - was bought by a crypto collective known as PleasrDAO for $4 million worth of a cryptocurrency, The New York Times first reported Wednesday.
The US government, which obtained the album as part of Shkreli's monetary judgment, sold it over the summer but didn't disclose its buyer, Insider previously reported. PleasrDAO has now come forward about the purchase.
"We bought the unreleased Wu-Tang album with crypto," the company said in a video on its blog.
The two-disk album, titled "Once Upon a Time in Shaolin," was sold in 2015 to Shkreli - the "Pharma Bro" who has since been convicted of securities fraud - for $2 million. There is only one copy in existence after it was recorded over a six-year period.
"This is like the OG
PleasrDAO received the album on Sept. 10, according to The Times, and it now sits in a vault in New York City. The Times reported that the company paid $4 million in cryptocurrency to an intermediary, who then paid the government about $2 million US dollars.
An NFT of the album was made to represent ownership of the physical copy, The Times said, citing a lawyer who was involved in the transaction. Now, the 74 members of PleasrDAO have collective ownership of that NFT and the album.
PleasrDAO describes itself as a "collective of DeFi leaders, early NFT collectors, and digital artists who have built a formidable yet benevolent reputation for acquiring culturally significant pieces with a charitable twist."
The organization, whose abbreviation stands for "decentralized autonomous organization," came into the spotlight after purchasing a nonfungible token, or NFT, of the legendary "
When first selling the album, Wu-Tang Clan stipulated it could be played for people at public events, but it couldn't be widely distributed until 2103, which is 88 years after it was sold, Stereogum reported.
PleasrDAO told the Times it has plans for the album to "be shared and ideally owned in part by fans and anyone in the world," though it didn't specify how it would do that while following the group's original conditions.
- A college is removing its vending machines after a student discovered they were using facial-recognition technology
- 11 states pay more in federal taxes than they get back - here's how every state fares
- Steve Jobs once said the best managers are 'individual contributors' who aren't interested in managing people
- Fuel your morning: Wholesome South Indian breakfast ideas for health
- Vodafone Idea shares tumble 14%, mcap erodes ₹10,806.7 cr
- National parties declare income of ₹3,077 cr in 2022-23; BJP has highest share
- Human trials may reveal efficacy of new Rs 100 cancer pill: Docs
- Multiplexes' revenue growth to dip to 15% in FY25 as OTTs crimp profit margins