Last year, Non-Fungible Tokens (NFTs) were all the rage. However, the craze appears to have subsided in recent months. Last month, the business sued Roc-A-Fella CEO Damon Dash for selling bitcoin on the Ether blockchain in connection with Jay-Z’s album Reasonable Doubt. Damon was attempting to sell the copyrighted item to Reasonable Doubt, according to the firm. Dash was reported to be aiming to auction off his whole ownership in the company with the deal.
Reasonable Doubt NFT is sold by Damon Dash.
Non-Fungible Tokens are a type of separate cryptocurrency that is connected to a file. The owner does, in fact, receive a copy of the file along with the purchase of the crypto coin. When a musician tries to cash in by creating an NFT of a song, the crypto coin is only tied to a copy of the file.
Roc-A-Fella Records was founded by Dash and Jay-Z. However, their relationship has deteriorated, and the two are at odds at work. Damon attempted to sell such NFT with the ownership of the copyright to Reasonable Doubt, according to a recent Roc-A-Fella petition. Jay-debut Z’s album, “The Blueprint,” was released in 1996.
What is Damon’s motivation for wanting to sell the album?
Damon has accused Carter of fraudulently obtaining the streaming rights to Reasonable. In addition, it has been reported that the two have been involved in a legal struggle over the proposed NFT in recent weeks.
On the one hand, Dash claimed that Carter had illegally stolen the rights; on the other side, Carter’s men stated that Dash was eager to sell the album’s copyright. Indeed, neither side is speaking clearly.
Dash is said to possess around a third of the company. Despite owning a significant portion of the company, he does not hold the copyright to any individual recordings. As a result of this circumstance, he was unable to sell the NFT because he did not own it.
The case against NFT became much more complicated.
Dash just disclosed that he is trying to sell his whole ownership in the company at auction. Many believe Dash is cashing in his chips, as he previously stated. The NFT “It’s the Roc,” for example, will be given to the highest bidder. According to reports, the currency will serve as a certificate of ownership for Dash’s one-third stake.
The Non-fungible Token auction will end on Monday, July 26, 2021, with a minimum bid of $10 million. The bid could be submitted in four different currencies.