Estate of deceased Wu-Tang clan member, Ol’ Dirty Bastard, set to release a utility token called Dirty Coin.
Wu-Tang Clan rapper Ol’ Dirty Bastard may have passed away in 2004, but he is all set to get ‘back in the game’ once again – his estate, ODB, is launching a cryptocurrency dubbed the Dirty Coin which will fund music projects and other related ventures.
As per a report by Yahoo Finance, the late rapper’s son Bar-Sun Jones (also known as Young Dirty Bastard), who is heading the initiative, spoke about the benefits of crypto for new/struggling artists in the music industry:
“There’s so many people who need a shot. And I think cryptocurrency gives everybody a social media platform to expand their horizons and connect through the universe.”
The Dirty Coin is a utility token which will be used to fund Young Dirty’s upcoming album, after which the ODB estate plans for it to be used as a form of payment for the late rapper and his son’s music and merchandise.
In partnership with artists and repertoire firm Link Media Partners, the ODB Estate will launch the token sale for Dirty Coin (ticker: ODB) on the TAO Network – a blockchain platform designed specifically for the music industry. After the coin goes live, trading will take place on AltMarket (a trading platform which will also be launched concurrently).
Cryptocurrencies have risen dramatically in terms of popularity, and have found a great deal of acceptance among the music and film industries. Last year, 45 music artists teamed up with Monero and agreed to accept XMR as payment during the Christmas holidays, and movie producer Christopher Woodrow announced his plan to launch a cryptocurrency to fund films, called MovieCoin.
Celebrities have also displayed eagerness to be associated with cryptocurrencies – popstar Katy Perry has gone so far as to post pictures of crypto-themed manicures, while rapper 50 Cent encouraged false rumors about a forgotten Bitcoin stash purported to be worth millions.
Last year, the level of celebrity endorsement of initial coin offerings (ICOs) was such that the US Securities and Exchange Commission was compelled to release a warning urging investors to thoroughly research token sales instead of being lured in by star power alone.
However, despite repeated warnings by regulators, cryptocurrencies and ICOs continue to thrive and appear to be here to stay – a fact acknowledged by Young Dirty:
“Crypto is very big. The blockchain is one of the biggest inventions of our time. And I don’t want to be out of the party, I want to come in to the party.”
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