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The Breakdown

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

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 24 October 2021

⏱️ 12 minutes

🧾️ Download transcript

Summary

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. Enjoying this content?   SUBSCRIBE to the Podcast Apple:  https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M=   Join the discussion: https://discord.gg/VrKRrfKCz8   Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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.

Transcript

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0:00.0

Welcome back to The Breakdown with me, NLW.

0:09.1

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

0:16.2

The breakdown is sponsored by Nidig and produced and distributed by CoinDes.

0:22.6

What's going on, guys? It is Sunday, October 24th, and that means it's time for Long

0:28.0

Reads Sunday. And today we have a fun one for you guys. So, our story starts in 2015.

0:35.8

Well, really, it starts in the seven years before 2015 as one of hip-hop's

0:40.8

most legendary ensembles secretly recorded an album that they called Once Upon a Time in Shaolin.

0:48.6

Yes, of course, I'm speaking of the Wu Tang Clan. So they had secretly been recording this album for seven years,

0:55.1

and in 2015, instead of releasing it as normal, they held an auction. There would be only one

1:01.5

copy of this album, and it was going to be auctioned off. Now at the time, there were two very

1:06.5

strong takes on this. The first held that this was some bullshit elitist art stunt. The second was that

1:13.2

it was a perfect skewering of the way that digital and streaming has eroded musical value.

1:19.4

For my part, I believe that it could have simply been that cash ruled everything around them.

1:24.4

And in either case, if one thing has ever been true, it's that Wu-Tang Clan ain't

1:28.6

nothing to f*** with. Whatever the real story is, baby Dr. Evil pharma exec, Martin Shikrelli,

1:33.9

won the auction for $2 million and took this incredible piece of culture with him in his much-hated

1:40.7

hands. Now, for those who aren't familiar with this comic book villain, he was a hedge funder

1:46.1

and pharmaceutical exec who acquired a drug called Deriprim, which had an expired patent but no generic

1:51.8

version. This drug was used as an anti-malarial and an antiparic drug, and was used treating

1:57.2

both AIDS-related and non-AIDS-related toxoplasmosis. After his firm bought this drug,

2:02.6

they jacked the price from $1350 a pill to $750 a pill overnight. It's way beyond the scope

2:09.4

to dig into all of the elements of this here, but the key thing, again, is that it was a bummer

...

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