He said: “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.”
Young Dirty album launch
The initial purpose of the cryptocurrency and accompanying ICO is to fund an upcoming Young Dirty album. The rapper has struggled to step out of his father’s shadow and perhaps hopes this will move will be the boost his music career needs.
He’s been vocal in the past about the lack of royalties him and his family receive from his father’s music exploits with the Wu-Tang Clan and as a solo artist.
Russell Tyrone Jones fathered Bar-son and twelve other kids before his untimely death in 2004, at just 35 years of age. This could explain the short supply of money. YDB has, in previous interviews, alleged that he raps to avoid starving and that if it wasn’t for food stamps, he’d struggle to feed his family.
Dirty Coin (ODB)
Ultimately, the idea is that fans will use the ODB coins to purchase music, concert tickets, merchandise, and anything else Wu-Tang or Young Dirty related. This is a tried and tested model that’s been utilised by countless other artists in the wake of the blockchain boom.
The Dirty Coin initial coin offering (ICO) is a partnership between the ODB Estate and Link Media Partners, a music A&R firm. Dirty Coin (symbol: ODB) will launch its token sale on TAO Network, a blockchain platform for the music industry that completed its own token sale in 2016.
Once Dirty Coin is live, trading will happen on ‘AltMarket’, a crypto trading platform launching in tandem with Dirty Coin. The ICO is slated for this summer, though no official lanuch date has been announced, at time of writing.
This is by no means the first time a celebrity, in particular a musician, has participated in an ICO. Other notable endorsements include Ghostface KIllah, also of Wu-Tang fame, along with actress and media personality Paris Hilton, boxing champ ad businessman Floyd Mayweather, actor Jamie Foxx, and rapper The Game.
Celebrity-endorsed ICOs have in the past turned out to be scams wherein the celeb in question was paid money to blindly promote an ICO without realising that it was unlawful or highly risky etc. ICOs are relatively new and, as such, regulatory bodies across the globe are still in the process of deciding how best to deal with them.
The SEC (U.S. Securities and Exchange Commission) issued a specific warning about celebrity-endorsed ICOs, for these very reasons.
It said: “Investors should note that celebrity endorsements may appear unbiased, but instead may be part of a paid promotion. Investment decisions should not be based solely on an endorsement by a promoter or other individual.
“Celebrities who endorse an investment often do not have sufficient expertise to ensure that the investment is appropriate and in compliance with federal securities laws. Conduct research before making investments, including in ICOs.”
It’s always advisable to carry out extensive research before making any kind of an investment. This is especially true of ICOs.