Over the summer, a group of “crypto fans” pooled their money in order to collectively make a seven-figure investment: The group secretly bought the sole existing copy of the album “Once Upon a Time in Shaolin” by the Wu-Tang Clan for a whopping $4 million.
But it wasn’t until Wednesday that the group, an organization known as PleasrDAO, came forward as the buyer. The announcement was a pleasant surprise for the crypto community, earning headlines in mainstream media outlets.
PleasrDAO isn’t new to the world of rare collectibles, and already had a portfolio full of multimillion-dollar assets. In June, it bought the original “Doge” meme nonfungible token, or NFT, for $4 million.
But what makes PleasrDAO’s purchase stand out is that while it may seem like a typical investment firm, it’s not. Like its name suggests, it’s a decentralized autonomous organization, or DAO, and it runs on blockchain technology.
Lately, a number of DAOs have started to grab the attention of more conventional investors, including billionaire Mark Cuban, who called them “the ultimate combination of capitalism and progressivism.” Venture capital firm Andreessen Horowitz (a16z) has also led multimillion-dollar fundraising rounds in both individual DAOs and companies that support DAO creation.