Cryptocurrency is find more enthusiast and developers everyday. With several altcoins coming with a satirical bent, such as the Dogecoin released back in December 6, 2013, as a joke, the coin nonetheless found supporters. A new coin has come out from Wu-Tang Clan, a hip hop group formed back in 1992. The musician are launching a cryptocurrency for Ol Dirty Bastard (ODB), one of the headlining members who passed away in 2004. The digital asset will be called O.D.B. Coin.
Barson Jones, ODB’s son, was the one to initiate the project, in an attempt to better engage fans. Jones commented:
“I couldn’t be more excited about the future for the O.D.B. Coin, and I know my dad would have felt the same way. 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.”
The AltMarket exchange, the first officially licensed cryptocurrency for hip hop from the estate of Ol’ Dirty Bastard, will begin sales coming December 1, 2018. The exchange will feature a number of music related “Initial Artist Offerings” (IAOs), releasing “Icon Tokens”. The launch of an IAO is processed along the same lines as the standard initial coin offering (ICO), just with the focus on artist.
This is not the first endeavour into the crypto space by member of the hip hop group. In unrelated projects, Gramatik and Ghostface Killah have delved into the business side of cryptocurrency.
The AltMarket’s CEO, Bryce Weiner, detailed how the tokens will help artist engage with their fanbase. Weiner is quoted in a Vent magazine article:
“With the AltMarket exchange, we’ve designed a platform that isn’t just based on leading-edge technology, but it’s designed to be an institution that respects the investments of our clients. To that end, we’ve partnered with some of the most trusted names in the crypto and entertainment fields to provide consumers a safe platform to connect with cryptocurrencies as well as their favorite artists…The currency and entertainment landscapes are both seeing dramatic changes. With the AltMarket trading platform, we’re giving investors and artists alike the opportunity to become part of the next phase for each industry.”