An interesting development has come to light in the Damon Dash versus Jay-Z lawsuit we covered yesterday. Damon Dash, the defendant, said that the lawsuit is full of inaccuracies because he is not trying to auction off Jay-Z’s album as an NFT. Instead, he is trying to sell his entire stake in Roc-A-Fella.
Damon Dash vs. Jay-Z over Album NFT
Jay-Z and Damon Dash are co-owners of “Reasonable Doubt” album, which Roc-A-Fella released 25 years ago.
It seemed like Jay-Z had it in the bag because he reportedly bought the full rights to all his music after Roc-A-Fella became defunct in 2013. However, Damon Dash clarified that he is out to find a new buyer for his ⅓ share of RAF. Dash also revealed that Jay-Z attempted to buy him out last March but the deal fell through because he deemed the price unacceptable.
Dash made his intentions clear. He says, “Under the terms of the deal with a potential buyer, the buyer would buy my share of Roc a Fella Records and Jay-Z will have exclusive administration rights.”
The record executive and film producer is not backing down from this legal fight as he declares that the lawsuit is just a scare tactic. He believes that the true intention is to prevent him from selling something that he has the legal rights to sell.
On the side of RAF, Atty. Alex Spiro enlisted legal intervention and specifically requested that Dash be stopped from selling “Reasonable Doubt” as an NFT. Additionally, they want Dash to turn over any NFTs he may have already minted.
NFTs and Legal Battle
NFTs can prove absolute ownership because it is a recorded transaction in the blockchain. However, it cannot navigate the legal intricacies surrounding copyright, trademark and equity. In short, once the NFTs have been minted there’s no turning back because you cannot undo the process.
This lawsuit is a first-of-its-kind and can very well be landmark legislation that will clarify many gray areas about the legal aspects of NFTs.
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This article is educational material.
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