NFTs and the Patronage Model

NFTs and the Patronage Model
Last week, a crypto investment collective called PleasrDAO paid $4 million for a copy of the Wu-Tang Clan’s seventh album, “Once Upon a Time in Shaolin.”If that sounds insane to you, consider the circumstances, which are also insane. The record was conceived as a one-of-one physical edition – just one CD would ever be made, and whoever bought that one copy would be contractually forbidden from distributing it for sale. Martin Shkreli, the notorious pharmaceutical executive and fraudster, bought the album back in 2015. He held onto it until 2018, when the federal government confiscated it in the wake of…