A cryptocurrency planned by the estate of the late Wu Tang Clan member Ol’ Dirty Bastard is set to commence this week, giving fans the chance to buy and later trade a cryptocurrency similar to bitcoin.
If successful, the developers behind the cryptocurrency plan to partner with more musicians and artists, creating what they hope could become a new form of merchandise, and a new way for fans to engage with the artists they love.
The cryptocurrency was first announced back in March of this year, announced by Ol’ Dirty Bastard’s son (and current performing artist), Young Dirty. At the time, Young Dirty, also known as Barson Jones, said the cryptocurrency would be built on the TAO blockchain network, and later traded on the AltMarket exchange.
According to the creators of the ODBCoin, significant measures have been put in place to ensure the token sale complies with securities laws and regulations – something that has landed several other token promoters in hot water with the authorities.
Explaining the delay in bringing the token to market, Young Dirty said in an interview that they “had to take the time out to get everything correct.”
Now, with pre-sale expected to commence later this week, the ODBCoin is ready to make its debut.
“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.”
Bryce Weiner, CEO of AltMarket said that the ODBCoin would be akin to a form of fan merchandise, which inevitably brought it under the remit of US authorities as a type of commodity.
Rather than being sold or traded for financial reward, the tokens can be exchanged for merch or at Wu Tang Clan shows, as well as providing an alternative funding mechanism for artists such as Young Dirty.
While cryptocurrencies like bitcoin have revolutionized payments, the ODBCoin project shows how versatile crypto, and its underlying technologies can be.
With the music industry forever in search of new ways of monetizing audiences, there will no doubt be more artists preparing plans for their own cryptocurrency launches in due course.