Yes, This Wu-Tang Clan-Themed Cryptocurrency Is Actually Happening

Months after its debut, the cryptocurrency being launched by the estate of the late Wu-Tang Clan member Ol' Dirty Bastard is moving ahead - starting with a public pre-sale that begins this week.

Back in March, performing artist Young Dirty - ODB's son, whose real name is Barson Jones - spoke to media outlets about the plan to create a fan-centric cryptocurrency, built on top of the TAO blockchain network and traded on the AltMarket exchange.

Perhaps unlike other cryptocurrencies with celebrity backing - an area that the U.S. Securities and Exchange Commission has taken a stern tone toward - those behind ODBCoin say they moved carefully toward launch.

"We had to take the time out to get everything correct," Young Dirty said in an interview.

Bryce Weiner, AltMarket's CEO, described ODBCoin as "Merchandise, like a T-shirt, which makes it a commodity" in the eyes of U.S. regulators.

The idea is that ODBCoin will be the first of a planned series of artist-branded cryptos developed and distributed.

Rather than serving as vehicles for investment, the tokens are intended to act as a kind of incentive for fans of artists like Young Dirty, allowing them to be spent at shows or on merchandise.

"It's a great way to connect with fans and reward them for their interest. I look forward to delivering even more music that would make Dad proud," Young Dirty explained.

Ultimately, the goal is for ODBCoin to pave the way for other artists to create similar tokens, with Weiner saying, "We will be announcing our next project at the conclusion of this sale."

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.