SOURCE IMAGE - COURTESY OF PLEASRDAO

 A group of NFT collectors called 'PleasrDAO' had acquired the one-of-a-kind Wu-Tang Clan album "Once Upon a Time in Shaolin."

The United States Federal Government announced Thursday morning the owner of the Wu-Tang Clan's unreleased album, Once Upon A Time in Shaolin, from former owner and now-disgraced pharmaceuticals CEO Martin Shkreli. The record that Shkreli bought in 2015 is now controlled by Crypto group PleasrDAO, who bought the secret album for 4 million dollars from multiple parties.

The fact that the US government had sold the album first came to light in July, but no information about it had been published at the time. The album's new owner has decided to expose itself six years after it was initially auctioned off.

An investment group built around cryptocurrency ownership, the DAO stands for "decentralized autonomous organization".

An agency called '6' working with clients in the Non-fungible token market brokered the deal between the government of the United States and the PleasrDAO.

PleasrDAO announced it would hold this crucial piece of music history as an NFT on the blockchain. Right now, only one copy of 'Once Upon A Time In Shaolin' exists, but the album cannot be released publicly until 2103. According to the contract, "listening parties" are permitted and the new owner is also looking into ways to share the album with its listeners.

According to CoinDesk, the co-founder of agency 6, Jesse Grushack, and his partners approached PleasrDAO with the idea earlier this year.

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“The U.S. government was very clear that they needed to get rid of this to basically pay back the debts that Martin had accrued and had been legally liable for,” Jesse Grushack said.

He adds, “They didn’t want this deal to become like a public auction or anything, they just wanted it to be like a closed-door thing.”

Pavan A

CBW - External Analyst

INDIA