The son of a former hip-hop artist and Wu-Tang Clan member is set to launch a new cryptocurrency, according to reports emerging this week.
Young Dirty, aka Bar-Son James, the son of former Wu-Tang Clan rapper Ol’ Dirty Bastard, is the face of the project, which is the result of a joint venture between media firm Link Media Partners and the estate of his late father, who died in 2004.
Dubbed the ‘Dirty Coin’, the cryptocurrency will run on the TAO blockchain, and is set to be launched later in 2018 with a listing on the AltMarket exchange. The launch would become the latest celebrity-backed ICO to go live, following a series of similar-style launches in 2017.
Paris Hilton, DJ Khaled, Steven Seagal, Jamie Foxx and Floyd Mayweather are amongst those high profile names to lend their backing to one or more ICOs in 2017, which ultimately drew attention from the Securities and Exchange Commission, who warned these activities could constitute ‘touting’ – illegal under securities laws.
With Dirty Coin, the launch is being arranged to finance the latest Young Dirty album, as well as serving as an asset for fans in exchange for tickets and merchandise – an offer that extends to Ol’ Dirty merchandise, as to Young Dirty.
Describing cryptocurrency as “the biggest thing known to man”, Young Dirty suggested fans would benefit from the opportunity to buy in to the token, and that the model could spark other artists to follow a similar path.
“If fans basically bought a Dirty Coin before the concert, they have a better chance of getting in, probably for the price of nothing. So it’s a big opportunity for our fans…When other artists get involved, I think there’s gonna be a chain reaction.”
CEO of AltMarket, Bryce Weiner, described the project as a way to reduce the cost of artistic experimentation for musicians.
“Music thrives creatively and financially when it’s in the hands of the artist themselves. By removing the price tag of experimentation, we’re able to deliver for both the artist and their fans.”
While no official release date has yet been presented, the so-called ‘initial artist offering’ is expected to debut later in 2018.