A group of NFT collectors shelled out $ 4 million to purchase the only copy of a one-of-a-kind album by rap group Wu-Tang Clan.
A non-fungible token (NFT) is a digital object – a drawing, animation, piece of music, photo, or video – with a certificate of authenticity created by blockchain technology.
The album was previously owned by Martin Shkreli, a disgraced executive sentenced to prison for fraud, and auctioned in July as part of a deal to settle his debt to the US government.
The buyer was kept under wraps until this week, when PleasrDAO, a New York NFT collectors group, announced that they had purchased the only copy of “Once Upon a Time in Shaolin”.
According to US media reports earlier this week, retweeted by PleasrDAO’s Twitter account, the group paid $ 4 million for the 31-track, two-disc album.
They are known to NFT collectors for acquiring digital works by American whistleblower Edward Snowden and Russian breakaway feminist punk group Pussy Riot.
They now hope to share “Once Upon a Time in Shaolin” with the public.
“Although we are bound by the legal agreement underlying this work of art and we may not be able to duplicate and share the music digitally,” PleasrDAO said on its website, “we firmly believe that ‘there are ways to share this musical masterpiece with the world. “