Behind the $4 million sale of the Wu-Tang Clan’s rare Once Upon a Time in Shaolin

The Wu-Tang clan performing in Budapest in 2015 (Photo Credits: Wikimedia Commons)

The Wu-Tang clan performing in Budapest in 2015 (Photo Credits: Wikimedia Commons)

New York: The Wu-Tang Clan, a hip-hop group that was formed in 1992 in Staten Island, New York City, has been in the limelight for a variety of reasons. most famous when they released double album Once Upon a Time in Shaolin in 2015.

Rolling stone reports that the group auctioned off the album, as a protest against how digitization was reducing the artistic and creative value behind the music and also eliminating middlemen when an album was sold. It was bought for US$2 million by hedge-fund and pharmaceutical executive Martin Shkreli, who is serving time for securities fraud.

Now, the US government decided to sell the album to settle the forfeiture money judgment of US$7.4 million, reports the new York Times. The album was acquired in July by an unnamed entity, which has now become a group called PleasrDAO, which acquires coveted digital artworks. The collective paid $4 million for the Wu-Tang Clan’s one-of-a-kind album.

The group came into possession of the album in September and are reportedly keeping it in a vault in New York City, the location of which has not been disclosed, reports many times, who further quoted PleasrDAO’s Jamis Johnson as saying, “The album at its inception was a sort of protest against the rental middlemen, people who are turning away from the artist. Crypto shares a very similar ethos. ” in a video interview with hypbeast, Johnson calls the album “NFT OG”.

But the group’s plans to share it with a wider audience have hit a stumbling block – they are bound by legal restrictions that the Wu-Tang Clan imposed during the album’s original auction, which stated that the album should not be sold to a wider audience. cannot be provided. It’s been 88 years since it was released.

The album is collectively owned by the 74 members of PleasrDAO, as many times. But their plans to broadcast it to the wider public are still not known, although an informed guess would be listening parties or gallery-style exhibitions.

Leave A Reply

Your email address will not be published.