🎤 The biggest NFT lawsuit yet
It’s a hard knock lawsuit for a former record exec who created an NFT of Jay-Z’s debut album Reasonable Doubt.
This story goes way back before NFTs existed: In the mid-90s, Jay-Z and a man named Damon Dash co-founded Roc-A-Fella Records. They made millions off albums and tours but ended their business relationship around 2005.
So Roc sued: The label has accused Dash of claiming he would transfer all profits Dash continues to make from the album to whoever bought the NFT at auction. This is a problem, according to the lawsuit, because Dash doesn’t have any rights to sell Roc-A-Fella assets.
Dash says this is a big misunderstanding
He told TMZ he plans to offer his share in Roc-A-Fella, not in any album profits, to whoever buys the NFT. He believes Roc-A-Fella is just trying to push him out.
A federal court sided with Roc-A-Fella for now and said Dash cannot sell the NFT.