Record company Roc-A-Fella Records sued its co-founder Damon Dash, who is allegedly planning to sell the copyright to rapper Jay-Z’s debut album Reasonable Doubt at an NFT auction.
Roc-A-Fella Records argued that Damon Dash listed the disk as a Non-fungible token on the SuperFarm marketplace and, in response to demand, seeks to sell it “as quickly as possible”.
The lawsuit states that Damon Dash is a minority shareholder and that does not give him an advantage to sell assets of the record company and maintains that the co-founder can only claim assets if Roc-A-Fella Records is dissolved.
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The complaint was filed in the Southern District Court of New York and notes that SuperFarm originally advertised the NFT auction as a partnership with Damon Dash; However, he withdrew it hours later due to pressure from the rapper. The lawsuit filed in New York states:
“Dash is desperate to find another place to make the sale, but the sale of the irreplaceable asset must stop before it is too late, and Dash must be held liable for its theft, as it tried to cash in on an asset that is irreplaceable.” .
The windfall of an emerging NFT market, at the expense of Intellectual Property
The prosecution maintains that the sale of Reasonable Doubt’s copyright would result in “irreparable” damage and would become a precedent by infringing the intellectual property of a corporate asset.
The document also shows that it would be an illegal sale, since the issuer is not the author of the original work of NFT, so there would be no way to confirm through blockchain that Damon Dash had the rights that the token supported in first place.
Non-fungible tokens continue to grow in popularity as their appeal shifted from a group of exclusive investors to a mass market where only thousands of dollars are required per bid and not millions of dollars.
The lawsuit also sentences the following:
Damon Dash does not have any individual ownership power in Reasonable Doubt, including his copyrights, these belong to Roc-A-Fella Records, who owns all rights, titles and interests, including the right to sell, record, reproduce. , broadcast, transmit, exhibit, distribute, publicize and exploit the album ”.
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