TravelGuides – Jay-Z sues Damon Dash to stop NFT sale of debut album ‘Reasonable Doubt’

Jay-Z is suing Damon Dash, alleging his former Roc-A-Fella Records co-founder is attempting to steal and promote the copyright to Jay’s debut album “Reasonable Doubt.”

Attorneys for Jay allege that Dash was attempting to promote the album as an NFT — a non-fungible digital token which is at present a giant deal on the artwork market — with out permission.

The 1996 record launched Jay’s profession and went on to promote over one million copies.

In new paperwork filed late Friday in New York’s Southern District Court, attorneys for Jay state, “Dash had deliberate to promote at a SuperFarm Foundation on-line public sale on Jun. 23… the copyright to Jay-Z’s album Reasonable Doubt, acknowledged as one of the best recordings in historical past.

“That auction was cancelled and Dash is frantically scouting for another venue to make the sale….The sale of this irreplaceable asset must be stopped before it is too late, and Dash must be held accountable for his theft.”

The paperwork explains that Jay, and Roc-A-Fella co-founders Dash and Kareem Burke every personal one-third of the shares within the document label and in his 1996 album “Reasonable Doubt.”

It alleges that Dash noticed a possibility within the fast emerging NFT market and “sought to cash in by actioning the copyright to Reasonable Doubt as an NFT.” Jay believes Dash has already minted the album as an NFT and intends to promote it “as soon as possible.”

The lawsuit concludes, “Dash can’t sell what he doesn’t own. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties. The court should stop Dash….and hold him accountable for his brazen theft.”

It additionally quotes the public sale announcement from SuperFarm — an digital platform that permits folks to promote and public sale NFTs, “This marks a new milestone in the history of NFTs, entitling the new owner to future revenue generated by the unique asset….The newly minted NFT will prove ownership of the album’s copyright, transferring the rights to all future revenue generated by the album from Damon Dash to the auction winner.”

The lawsuit factors out that Dash, “merely owns a 1/3 equity interest in Roc-A-Fella Inc, he does not own the copyright….and therefore has no right to sell the copyright or any individual ownership interests in Reasonable Doubt.”

The papers add that after Jay’s attorneys — headed by energy lawyer Alex Spiro — despatched a letter to SuperFarm, the public sale was cancelled, “but Dash has refused to stop his efforts to sell.”

Spiro was not out there for additional remark. Dash — who has extra just lately been working with Kanye West at his ranch in Wyoming — couldn’t instantly be reached.