The 74 members of PleasrDAO - the abbreviation in its name identifies it as a “decentralized autonomous organization” - share collective ownership of the NFT deed, and thus own the album.Īs the owners, they can listen to the 31 tracks on its two CDs, ogle its engraved nickel-silver box and leaf through the leather-bound parchment book that are part of the item’s overall package. To tie “Once Upon a Time” to the digital realm, an NFT was created to stand as the ownership deed for the physical album, said Peter Scoolidge, a lawyer who specializes in cryptocurrency and NFT deals and was involved in the transaction. When the United States Attorney’s Office for the Eastern District of New York, in Brooklyn, announced the sale of “Once Upon a Time in Shaolin” this summer, no details about the buyer, or price, were disclosed prosecutors said that information was confidential. Shkreli is still serving out a seven-year prison sentence.) Shkreli that was part of his sentencing in 2018. In a complex deal with multiple parties, one of whom remains unidentified, PleasrDAO acquired “Once Upon a Time” after its sale in July by the federal government, which had seized the album to satisfy the balance of a $7.4 million forfeiture money judgment against Mr. Now the album has found yet another life on the frontier of digital art and cryptocurrency, having been sold for $4 million to PleasrDAO, a collective that has existed for less than a year but has already built a reputation for acquiring high-profile digital works.
Before long it got caught up in a tale of capitalist villainy when it was purchased by Martin Shkreli, the price-gouging young pharmaceutical speculator who was later convicted of securities fraud. Seven years ago, the Wu-Tang Clan’s one-of-a-kind album “Once Upon a Time in Shaolin” was created as a protest against the devaluation of music in the digital era.
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