You know the story: a one-of-a-kind album, locked away, owned by that notorious pharma bro, Martin Shkreli. Well, after years of legal back-and-forth and Freedom of Information Act requests from a Bloomberg journalist named Jason Leopold, the real price tag of that elusive Wu-Tang masterpiece has finally been spilled!
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Back in 2021, the U.S. government seized the album from Shkreli to cover his debts after he got hit with that securities fraud conviction. They sold it off, but kept the buyer and the price under wraps, calling it a “confidentiality provision.” Then, later that year, the crypto collective PleasrDAO popped up, claiming they bought Once Upon a Time in Shaolin for around $4 million in crypto. But get this, the real number, based on the official bill of sale that just got unredacted, was a wild $2,238,482.30 USD. That’s the exact amount Shkreli owed! The buyer was a company called WTC Endeavors, incorporated in Hong Kong, but they’re already dissolved. Talk about a shady deal!
The Saga Continues: NFTs and Lawsuits
Leopold, the journalist who dug all this up, went through years of fighting with the government to get these documents and unseen images of the album. They tried to keep it all hush-hush with “trade secrets” claims, but the truth always finds a way, especially when a determined journalist is on the case.
Now, the plot thickens. Last year, PleasrDAO actually sued Shkreli because they claimed he was still out here making and distributing copies of Once Upon a Time in Shaolin. A federal judge even ordered him to hand over any copies he made and the names of anyone he shared them with. This whole situation is wilder than any rap beef you can imagine.
Here’s the kicker: even though PleasrDAO owns the album, they’re stuck with the same rules Shkreli had – no streaming or distributing the full album until 2103. Yeah, you read that right, 2103! But they found a workaround. They turned Once Upon a Time in Shaolin into an NFT. For just $1 USD, fans can get a five-minute listen to the record. And get this – Leopold pointed out that each sale actually speeds up the full album release by 88 seconds. So, if you’re trying to hear the whole thing before you’re collecting social security, you better start buying those NFTs!
This whole story is a testament to the power of hip-hop and the lengths people will go for a piece of history. What do you think about this whole saga? Is it a genius move, or just plain wild?
