Months after its debut, the cryptocurrency being launched by the estate of the late Wu-Tang Clan member Ol' Dirty Bastard is moving ahead - starting with a public pre-sale that begins this week.
Back in March, performing artist Young Dirty - ODB's son, whose real name is Barson Jones - spoke to media outlets about the plan to create a fan-centric cryptocurrency, built on top of the TAO blockchain network and traded on the AltMarket exchange.
Perhaps unlike other cryptocurrencies with celebrity backing - an area that the U.S. Securities and Exchange Commission has taken a stern tone toward - those behind ODBCoin say they moved carefully toward launch.
"We had to take the time out to get everything correct," Young Dirty said in an interview.
Bryce Weiner, AltMarket's CEO, described ODBCoin as "Merchandise, like a T-shirt, which makes it a commodity" in the eyes of U.S. regulators.
The idea is that ODBCoin will be the first of a planned series of artist-branded cryptos developed and distributed.
Rather than serving as vehicles for investment, the tokens are intended to act as a kind of incentive for fans of artists like Young Dirty, allowing them to be spent at shows or on merchandise.
"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," Young Dirty explained.
Ultimately, the goal is for ODBCoin to pave the way for other artists to create similar tokens, with Weiner saying, "We will be announcing our next project at the conclusion of this sale."
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Yes, This Wu-Tang Clan-Themed Cryptocurrency Is Actually Happening
Published on Oct 23, 2018
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.