BREAKDOWN: The US Government Sold a Wu-Tang Album to a DAO for $4M

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News, Tech News, Daily News, Business News

4.7 • 698 Ratings

🗓️ 24 October 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you think DAOs aren’t going to be a thing, listen to this. This episode is sponsored by NYDIG. On today’s “Long Reads Sunday,” NLW tells the story of PleasrDAO buying a one-of-a-kind hip hop album, and what it means that the U.S. government is interacting with this new type of collective. He also reads: How to Do Business as a DAO Thread: DAOs as Changing the Fate of the Species - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Michael Hurcomb/Corbis Entertainment/Getty Images, modified by CoinDesk. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:34.4	that transport you from the very first word, because the next great
0:38.2	adventure is just a listener way.
0:40.8	Start your free 30-day trial at audible.com slash Wondery UK.
0:45.6	That's audible.com slash Wondery UK.
0:53.8	Welcome back to The Breakdown with me, NLW.
0:59.0	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
1:05.9	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
1:12.3	What's going on, guys? It is Sunday, October 24th, and that means it's time for Long Reads Sunday.
1:19.4	And today we have a fun one for you guys. So, our story starts in 2015. Well, really, it starts in the seven years before 2015 as one of hip-hop's most
1:30.9	legendary ensembles secretly recorded an album that they called Once Upon a Time in Shaolin.
1:38.3	Yes, of course, I'm speaking of the Wu Tang Clan. So they had secretly been recording this
1:43.9	album for seven years, and in
1:45.0	2015, instead of releasing it as normal, they held an auction. There would be only one copy of this
1:52.4	album, and it was going to be auctioned off. Now at the time, there were two very strong takes on this.
1:58.0	The first held that this was some bullshit elitist art stunt. The second was that it
	...

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