Legendary Hip-Hop Group Release Their Own Crypto
One of the biggest rap groups of all time, Wu-Tang Clan, has announced that they are releasing their own digital currency named after one of the groups founding members who passed away in 2004, Ol Dirty Bastard. The project was initially created by ODBâs son, Barson Jones who said that the cryptocurrency would be a good way for fans to become more connected to the artists.
âI couldnât be more excited about the future for the O.D.B. Coin, and I know my dad would have felt the same way. Itâs 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.â
The ODB coin will be one amongst many of the number of music based IAOs (Initial Artist Offerings) which are going to be available on the AltMarket exchange. Even though they are similar to ICOs, IAOs focus on a more niche side of the market for creators and artists. A website for the exchange also features images of other high profile artists which includes Dr Dre and Snoop Dogg.
Other members of the rap group have previously launched their own crypto-related businesses Â (Gramatik and Ghostface Killah) but they are unrelated to the ODB coin project.
The CEO of AltMarket, Bryce Weiner believes that the idea could massively alter how creators interact with their fans and sell their products.
Speaking to Vents, Weiner said:
âWith the AltMarket exchange, weâve designed a platform that isnât just based on leading-edge technology, but itâs designed to be an institution that respects the investments of our clients. To that end, weâve partnered with some of the most trusted names in the crypto and entertainment fields to provide consumers with a safe platform to connect with cryptocurrencies as well as their favourite artistsâ¦ the currency and entertainment landscapes are both seeing dramatic changes.â
It is unique to see cryptocurrency exist within music and art culture in this way, as the record industry in recent years has changed how artists monetise their work. ODBâs son 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 that it wonât be used as an investment specifically.
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