This week will start pre-sale of ODBCoin, which has been launched by a relative of rapper Ol' Dirty Bastard, which was part of the iconic group Wu-Tang Clan.
In March this year rapper Young Dirty, son of Ol' Dirty Bastard, announced that it plans to create a cryptocurrency, built on top of the TAO blockchain network and traded on the AltMarket exchange (which is hosting the pre-sale).
The cryptocurrency launched by the stars of show business, recently began to attract increasing attention of The United States Securities and Exchange Commission. Therefore the creators ODBCoin said that the start token will be implemented in accordance with all rules and regulations.
Bryce Weiner, AltMarket's CEO, described ODBCoin as "merchandise like t-shirts," which, according to US regulators, makes this cryptocurrency to a commodity.
The main difference ODBCoin from other cryptocurrencies with celebrity backing is that it is not a tool for investment but a sort of a points for fans of artists like Young Dirty, which can be used for the purchase of concert tickets and various merchandise.
The use of blockchain as part of consumer inventive schemes has been explored in the past by numerous companies — Singapore Airlines, American Express and others. However, the closest analogue is a loyalty program from IBM and China UnionPay. In 2016, the representatives of these companies have demonstrated the concept of using and stimulating the exchange of points between users. The creators ODBCoin believe that this kind of commodification will soon become popular among fans of the artists. According to Young Dirty, it's a great way of communication with fans and reward their interest.
Bryce Weiner said:
"We will announce the next project immediately after the conclusion of the current campaign. We are very pleased with the feedback received from the music industry, and hope that our platform will become home to the most popular musicians".
The ultimate goal ODBCoin is to show other artists the possibility of creating such tokens.