Damon Dash sued for trying to sell an NFT linked with an album
- NFT worth $10 million has been auctioned by Damon Dash of Roc-A-Fella
- Dash is selling the copyright of the Reasonable Doubt of Jay-Z with the crypto coin
- Dash claimed that carter has wrongfully tried to take the streaming copyright of the album
- Dash is trying to auction off his complete stake in the firm
- The NFT auction will close on Monday with a minimum bid of $10 million
NFT or Non-Fungible Tokens were something of a craze last year. However, in recent months the craze seems to have declined. Last month, the firm charged Damon Dash of Roc-A-Fella with selling such cryptocurrency on Ether blockchain linked to the album named Reasonable Doubt by Jay-Z. According to the firm, Damon was trying to sell the ownership of the copyrighted asset to Reasonable Doubt. Indeed, it was known that with the deal, Dash was trying to auction out his entire stake in the firm.
Damon Dash sells Reasonable Doubt NFT
Non-Fungible Tokens are nothing other than a kind of distinct cryptocurrency linked to a file. Indeed, with the purchase of the crypto coin, the owner receives a copy of the file as well. When an artist tries to cash in by generating an NFT of a song, it’s just the copy of the file that is linked with the crypto coin.
Dash and Jay-Z are the co-founders of Roc-A-Fella Records. However, their relationship has soured, with the pair locking horns on the firm. In a recent filing by Roc-A-Fella, it is revealed that Damon tried to sell such NFT with the ownership of the copyright to Reasonable Doubt. The album was the debut album created by Jay-Z and released in 1996.
Why is Damon trying to sell the album?
Damon has accused Carter of taking the streaming rights on Reasonable illegally. Additionally, over the past few weeks, it has been observed that the pair have been engaged in a legal battle over the proposed NFT.
On the one hand, Dash claimed that Carter had taken the rights wrongfully, Carter’s men claimed that Dash was willing to sell off the copyright to the album. Indeed, no side is talking precisely.
It is known that Dash owns about one-third of the firm. Although he has a good part of the firm, he does not own the copyright of any individual recordings. Hence, the factor hindered him from successfully selling the NFT, as he does not possess it.
NFT’s case got more messier
Recently it was announced that Dash is trying to auction off his entire stake in the firm. Many consider that it seems Dash is cashing in his chips as he announced. Notably, the NFT entitled “It’s the Roc” will be given to the highest bidder. It is said that the coin will represent a certificate of ownership of Dash’s one-third share.
The auction for the Non-fungible Token will close on July 26, 2021, Monday with a minimum bid of $10 million. The bid could be made in four currencies.
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