KEY POINTS
Pleasr (aka PleasrDAO), a group composed of DeFi leader, NFT collectors and digital artists has transformed the Wu-Tang Clan’s exclusive album. “Once Upon A Time In Shaolin” into a non-fungible token (NFT).
It was originally released as a single-copy album a decade before, and it was intended to help combat music piracy. “bring value back to music.”
Martin Shkreli purchased the unique album for $2 million, according to reports.
PleasrDAO purchased the album from Shkreli in 2021 for $4,000,000 from the federal Government after the album was confiscated by the government following Shkreli’s conviction for securities fraud.
In 2015, Shkreli signed a contract that stated the album couldn’t be made public for another 88-years, or until the 8th of October 2103. The agreement did allow for private listening and viewing sessions.
PleasrDAO offers fans the opportunity to access their album through a NFT version for just $1. Fans can get a 5-minute sampling of the album for $1. “Once Upon a Time in Shaolin.”
Fans can reduce the wait time for the release of the album by 88 second per $1 they pay. Through the Pleasr websitePeople can select “buy album” Select the time you want the delay to be shortened. For instance, 88 second costs 0.00028 Ethereum ($1) and 16 minutes 8 seconds costs 0.00308ETH (approximately $11).
On the site, there is a leaderboard which shows buyers in order of how long they have waited. Over 8,500 distinct collectors have collected more than 181,000 album. A rough estimate shows that the wait time has been cut by about 184 days.
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Source: blog.cryptoflies.com