The legendary hip-hop group the Wu-Tang Clan is releasing their own cryptocurrency, using the name of Ol Dirty Bastard, a well-respected member of the group who passed away in 2004. The project was initially proposed by ODB’s son, Barson Jones, who says that the cryptocurrency could be a way for fans to become more connected to the artists. Jones said:
“I couldn’t be more excited about the future for the O.D.B. Coin, and I know my dad would have felt the same way. It’s a great way to connect with fans and reward them for their interest. I look forward to delivering even more music that would make Dad proud.”
ODB Coin will be among a number of music-based “Initial Artist Offerings” (IAOs) that will be available on the AltMarket exchange. IAOs are very similar to ICOs, but they focus on the niche market of artists and creators. A website for the exchange also features images of other high profile artists, including Snoop Dogg and Dr Dre.
Other members of the Clan, including Gramatik and Ghostface Killah have previously launched their own crypto-related businesses, which are unrelated to this project.
Bryce Weiner, CEO of AltMarket, believes that this idea could radically change how artists interact with and sell products to their fans. Weiner told Vents:
“With the AltMarket exchange, we’ve designed a platform that isn’t just based on leading-edge technology, but it’s designed to be an institution that respects the investments of our clients. To that end, we’ve partnered with some of the most trusted names in the crypto and entertainment fields to provide consumers a safe platform to connect with cryptocurrencies as well as their favorite artists…The currency and entertainment landscapes are both seeing dramatic changes. With the AltMarket trading platform, we’re giving investors and artists alike the opportunity to become part of the next phase for each industry.”
Music and art are interesting use-cases for a cryptocurrency of this nature, as the record industry in recent years has changed how artist monetize their work. Jones and Weiner are both confident that this asset will be viewed as a commodity by regulators since this crypto will be tied to merchandise and they claim will not be used specifically as an investment.
According to the AltMarket website, the public sale for ODB Coin will begin on December 1st.