DeepSummary
The Wu-Tang Clan created a secret album titled 'Once Upon a Time in Shaolin' in 2014 as a protest against the devaluation of music in the digital age. They made it a one-of-one album with legal restrictions on replication and commercialization. The album was purchased by controversial figure Martin Shkreli in 2015 but later seized by the US government after his fraud conviction.
In 2021, the decentralized autonomous organization PleasrDAO acquired the album with the intention of making it accessible to the public and promoting fairer digital ownership through Web3 technology. PleasrDAO is offering encrypted digital editions of the album for $1, with each purchase bringing forward the public release date originally set for 2103.
The release of this exclusive album represents a broader opportunity for the music industry to explore new models of digital ownership and value recognition for artists. It also serves as a showcase for how Web3 tools like NFTs and DAOs can facilitate unique experiences and community engagement around cultural artifacts.
Key Episodes Takeaways
- The Wu-Tang Clan created a one-of-one album 'Once Upon a Time in Shaolin' in 2014 as a protest against the devaluation of music in the digital age.
- PleasrDAO, a decentralized collective, acquired the album in 2021 and is tokenizing it on Ethereum, allowing fans to own encrypted digital editions.
- Purchasing editions brings forward the public release date of the album, originally set for 2103, enabling collective determination of its accessibility.
- This initiative aims to explore new models of digital ownership and value recognition for music artists in the Web3 era.
- The release of this exclusive album represents a significant opportunity for the music industry to engage with Web3 technologies and address long-standing issues around ownership and monetization.
- The project showcases how NFTs, DAOs, and other Web3 tools can facilitate unique experiences and community engagement around cultural artifacts.
- The music industry is closely watching this initiative to gauge the potential of Web3 solutions for revitalizing music ownership and value recognition.
- The project contrasts with speculative crypto projects by focusing on creating value, building community, and providing transparency without exploiting participants.
Top Episodes Quotes
- “We want fans to participate in this album at some level.“ by Jamus Johnson
- “It's not value extractive way that you can launch something in our world and create a community, give back, and also have something transparent and trackable without saying, oh, here you go. Be a part of the casino.“ by Matt Markov
- “The eyes and the ears of a very important section of the music industry are on crypto right now. And most people in crypto, I think, are totally unaware of that.“ by Leighton Cusack
Entities
Company
Person
Product
Organization
Episode Information
Bankless
Bankless
6/27/24
David is joined by Leighton Cusack and Matt Metkov, two members of PleasrDAO, the organization that owns and is releasing the Wu-Tang Album.
The Wu-Tang Clan created a unique album, “Once Upon a Time in Shaolin,” to combat music’s devaluation in the digital age. It was bought by Martin Shkreli in 2015, who later lost it due to a fraud conviction. In 2021, PleasrDAO, a crypto collective, purchased the album to restore its value and make it accessible to the public, promoting fairer digital ownership in the Web3 era.
Hear how you can own the most exclusive music album and help support the movement.
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TIMESTAMPS
0:00 Intro
9:09 What’s Special About This Album?
11:13 One-Off Event Or New Path For Artists?
14:24 Music Scenario: 2014 vs. Now?
17:41 Music Renting VS Collecting/Ownership
22:25 How To Own The Album?
26:47 Rights & Collaboration
28:07 Rethinking Music Distribution
31:02 Magnitude Of Album Release
32:47 Why Crypto People Should Care?
34:56 David On The Album Songs
38:05 Where To Own The Album?
40:16 Sales & Record-Breaking Week
43:48 Closing & Disclosures
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RESOURCES
Mint Here
https://thealbum.com
Leighton
https://x.com/lay2000lbs
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