Jay-Z Sues Co-Founder, Damon Dash, For Unauthorized NFT Auction
One of the first big lawsuits over an NFT
Jay-Z has sued the fellow co-founder of RAF (Roc-A-Fella) Records, Damon Dash over an NFT of his 1996 album, Reasonable Doubt. According to the lawsuit, Damon Dash is auctioning the NFT of Jay-Z’s debut album in partnership with SuperFarm.
The lawsuit of Jay-Z
The lawsuit covers the press release by SuperFarm, according to which this auction is one of the most notable ones to date. That is because the buyer of the NFT will get the rights to any future revenue that the album will generate. Indeed, an unusual and first-of-its-kind NFT auction.
The press release further states, “Selling the copyright to Jay-Z’s Reasonable Doubt as an NFT is a ground-breaking landmark — both for the crypto space and the broader music industry.”
However, according to the lawyers at Roc-A-Fella, this product was not solely owned by Dash. Instead, Damon Dash has a small sale in the company. As a result of this, the lawyers stress the fact that Damon Dash has no right to sell the assets of the company.
At the request of RAF Records, the auction was cancelled by SuperFarm. However, the lawsuit further mentions that Damon Dash is still looking for an alternative to sell the NFT. Based on the demands of Jay-Z, Dash must pay monetary damages and give away the NFT to the company.
The lawsuit stated, “There is only one Reasonable Doubt — the rights to it are irreplaceable.” The lawsuit further adds, “The bottom line is simple: Dash can’t sell what he doesn’t own.”
Regarding this lawsuit by Jay-Z, Dash states that he is only selling his share and not the entire album itself. Dash adds that the buyer will receive his share of the company without taking away the administration rights from Jay-Z.
He also added, “I’m not running around to different places trying to auction off Reasonable Doubt. I’ve been working with one platform and that’s SuperFarm.”
In other news, an NFT of the WWW also went on auction recently by Sir Tim Berners-Lee. This NFT contains the original code of the World Wide Web that transformed the world, as there are over 4.6 billion internet users in the world today.
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