NFT Collectors PleasrDAO Purchases Wu-Tang’s Album for $4 Million

According to US media reports earlier this week, an official announcement has been made regarding the mysterious buyer of the only copy of “Once Upon a Time in Shaolin”. This was retweeted by PleasrDAO’s on their Twitter account.

Wu-Tang Clan’s ‘Once Upon A Time In Shaolin’ album was previously purchased by Hedge Fund Manager Martin Shkreli for $2 million in 2015. He was arraigned for fraud and was sentenced to prison. The album was sold at an auction after being seized from Shkreli in July as part of a deal to settle his debt to the US government. Since the purchase was made at the auction, the price and name of the buyer were not disclosed. This had steered up some controversial talks in regards to the anonymity of the buyer.

PleasrDAO- an NFT collector group revealed in their Twitter tweet that they purchased the record for $4 million, which in essence is double what Shkreli originally paid for it. Pleasr 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”.

PleasrDAO further stated on its website, saying:

     “Although we are bound by the legal agreement underpinning this work of art and may not be able to duplicate and share the music digitally,” 

 “We firmly believe there are ways to share this musical masterpiece with the world.”

Pleasr’s Chief Pleasing Officer Jamis Johnson in a blog post says:

      “We want this to be us bringing this back to the people”, “We want fans to participate in this album at some level”. “We believe the next chapter in the incredible story of this album should be Web 3.0 native. 

Earlier this year, Pleasr purchased the original Doge meme as an NFT for $5.5 million. It then split it into 16,969,696,969 shares, selling off 20% of those at auction last month.

A lot of things in life are temporary, fleeting, impermanent”, concludes Johnson. “But remember this – just like our blockchain, Wu Tang is forever”.

A spokesperson for 6, the agency that brokered the deal, says that the plan is to get crafty. 6 Co-founder Jesse Grushack tells cryptocurrency outlet Coindesk that, “Theoretically, [PleasrDAO] could have 5,000 owners of the album and make a private listening party for those owners.”

Once Upon A Time‘s collision with the NFT space feels incredibly fitting, considering the album is a one-of-a-kind appreciating artistic asset; an original NFT of sorts, before the term exploded into the mainstream this year. What happens to the LP now is up in the air, but PleasrDAO’s purchase signals that perhaps more people will come to hear the Wu-Tang’s singular opus than previously expected.

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