Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.
Dame Dash is accused of trying to sell Jay-Z’s song as an NFT. He didn’t deny the allegations.
Roc-A-Fella in a legal battle with Dame Dash, Jay-Z’s long-time business partner, after he sought to sell the copyright for “Reasonable Doubt” as a Non-fungible Token (NFT). The lawsuit details, according to an article published on Rolling Stone, Dame intended to sell Jay-Z’s best-seller, Reasonable Doubt, on SuperFarm between June 23rd and June 25th.
Lawsuit against Dame Dash due to His NFT Initiative
Roc-A-Fella said that the two parties involved were contacted to try and solve the misunderstanding by canceling the sale which was definitely “improper”. The complainant exonerated SuperFarmfrom blame as it had canceled the auction. Dash however tried to find an alternative solution to consummate the illegal deal.
As revealed by Rolling Stone, Dame Dash poked holes in the case insisting that there were more inaccuracies than accuracies in the case. The Co-founder’s position is that he was only interested in what he owns and not Jay-Z’s hit. He further added that he arrived at the decision after finding out that the label wanted to buy his works cheaply.
Dash was quoted saying that when one black man calls another black man a thief just because he doesn’t agree with his terms isn’t a good thing. On the other hand Roc-A-Fella thought that Dash had breached his fiduciary responsibility by converting the corporate asset without consent.
According to Roc-A-Fella, Dame has no moral authority to claim that he’s the rightful owner. Their argument further stated that since Dash only owns a third of RAF, then legally, it wasn’t in his place to sell the copyright of Reasonable Doubt. When contacted by TMZ, Dame Dash insisted that he never tried to sell Reasonable Doubt and that he was only trying to sell what was rightfully his, his stake in the company. He further added that Jay-z gave him an offer which he found unacceptable.
The Non-fungible Token business, particularly for musicians and athletes, is booming thanks to the fact that many celebs are smart investors and crypto enthusiasts. Earlier in the year, February, Jack Dorsey teamed up with Jay-Z and launched a fund whose primary goal was to increase the popularity and adoption of BTC in Africa and Asia, specifically India. They jointly raised 500 BTC for the fund.
The next month, March, Square purchased Tidal, Jay-Z’s streaming outfit, and pundits started speculating that NFTs were the reason why Dorsey was investing. The NFT landscape is different from cryptocurrencies, and celebrities, the likes of Jay-Z are doing all they can to avoid being used.