A Wu-Tang Clan themed cryptocurrency called ODBCoin is launching before the end of October 2018. ODB stands for Ol’ Dirty Bastard, a deceased member of the Wu-Tang Clan, the other members being Method Man, Raekwon, Ghostface Killah, Inspectah Deck, U-God, and Masta Killa. Enter the Wu-Tang Clan is considered one of the greatest hip-hop albums in history, 4 of their albums went gold and platinum, and they are the authors of the song Cash Rules Everything Around Me (C.R.E.A.M.) which is popular to this day.
The son of Ol’ Dirty Bastard, Barson Jones aka Young Dirty, is the spokesman for ODBCoin. Young Dirty says “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”.
ODBCoin will be built on top of the TAO blockchain, and its initial coin offering (ICO) is occurring on the AltMarket exchange. ICOs are for the most part banned in the United States, but apparently, ODBCoin will be considered a commodity and therefore not under the jurisdiction of the Securities and Exchange Commission (SEC). The CEO of AltMarket, Bryce Weiner, says ODBCoin is “merchandise, like a T-shirt, which makes it a commodity”. Whether the SEC agrees with this and does not take action against ODBCoin, remains to be seen.
Apparently, ODBCoin will be the first of many artist-branded cryptos. Weiner says “We will be announcing our next project at the conclusion of this sale. We are quite proud of the response from the music industry and we look forward to becoming home to the biggest names in music”.
ODBCoin will be a collectible for fans, but can also be used to buy merchandise and tickets for shows. Young Dirty says “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”.
Ol’ Dirty Bastard actually never even heard of cryptocurrency, since he died 4 years before Satoshi Nakamoto wrote the Bitcoin Whitepaper, but now he will have a cryptocurrency named after himself.
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