The Wu-Tang Factor
Martin Shkreli, a former pharmaceutical executive and American investor, has filed a motion in a Brooklyn federal court to dismiss the claims made by the NFT collective PleasrDAO regarding the ownership of a rare recording by the legendary hip-hop group Wu-Tang Clan.
The Background
In June 2024, PleasrDAO sued Shkreli, alleging that he illegally made and kept copies of a one-off album called "Once Upon a Time in Shaolin". The album was purchased by Shkreli in 2015 for $2 million at a private auction, and only one copy was made under a contract that prohibited public release until 2103. However, authorities seized the recording in 2018 after Shkreli’s arrest for accusations of cheating investors and engaging in a stock fraud scheme involving his company, Retrophin Inc.
The Dispute
Shkreli’s latest move is an attempt to have the NFT group’s complaints against him thrown out, citing that they are "preempted by the Copyright Act". If the case proceeds, Shkreli wants two members of the Wu-Tang Clan, Robert Diggs (also known as The RZA) and Tarik Azzougarh (also known as Cilvaringz), to be included in the proceedings as co-owners of the album.
The Case for Inclusion
Shkreli’s filing argues that the two Wu-Tang Clan members should be parties to the lawsuit, as they have a vested interest in the outcome. He claims that their involvement is necessary to ensure that the album’s copyright is protected and that the dispute is resolved fairly.
The Story So Far
In 2021, PleasrDAO purchased the album for $4.75 million, announcing that it would mint the recording into an NFT. However, Shkreli was videoed playing the supposedly exclusive music on his YouTube channel, claiming that he had made several copies and hidden them in safes around the world. He then taunted the album’s rightful owners, telling them he played the music on his Discord channel, which reached nearly 5,000 people. Shkreli also hosted listening parties for the recording on his X account.
The Legal Battle
PleasrDAO sued Shkreli in June 2024, alleging that his actions had caused the collective significant monetary harm, decreasing the album’s marketability and value. Shkreli’s lawyers argue that his initial purchase agreement allowed him to keep 50% of the copyright, even if he sold the physical album. However, PleasrDAO insists that their purchase included an agreement where he forfeited all his rights, titles, and interests.
Conclusion
The dispute over the ownership of the rare Wu-Tang Clan recording, "Once Upon a Time in Shaolin", continues to unfold. Shkreli’s latest move to dismiss the claims made by PleasrDAO highlights the complexities of the case and the importance of copyright protection. As the battle for music ownership rages on, the outcome remains uncertain.
FAQs
Q: What is the dispute about?
A: The dispute is over the ownership of a rare recording by the Wu-Tang Clan, "Once Upon a Time in Shaolin", which was purchased by Martin Shkreli in 2015.
Q: Who is PleasrDAO?
A: PleasrDAO is a NFT collective that purchased the album in 2021 for $4.75 million.
Q: What is the background of Martin Shkreli?
A: Martin Shkreli is a former pharmaceutical executive and American investor who was arrested in 2015 for accusations of cheating investors and engaging in a stock fraud scheme.
Q: What is the current status of the case?
A: The case is ongoing, with Shkreli attempting to dismiss the claims made by PleasrDAO and the NFT collective seeking to recover damages for alleged harm caused by Shkreli’s actions.
