It looks like Jay-Z and Damon Dash still don’t see eye to eye as lawyers for Roc-A-Fella Records are suing the company’s co-founder for trying to sell Hova’s classic 1996 debut album 'Reasonable Doubt' as an NFT, a non-fungible digital token. The album is actually owned by the label, which consists of Jay-Z, Dash and Kareem “Biggs” Burke.
Blocking his attempt to sell the project, the label’s lawyer, Alex Spiro, filed the suit on Friday, June 18, accusing the former music executive of trying to mint 'Reasonable Doubt' as an NFT and auction it off for top dollar. The suit states that Dash has no right to do this, as the album is owned by Roc-A-Fella Records consisting of all three parties who each own one-third.
According to documents obtained by Page Six, Dash had already set up an auction for June 23 which has now been canceled.
“Dash had planned to sell at a SuperFarm Foundation online auction on Jun. 23.” … That auction was canceled 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. 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,” part of the complaint reads.
Roc-A-Fella lawyers also stated that they believe the serial entrepreneur will try to get another platform to conduct the sale. The lawsuit is asking the court to stop the sale of the NFT album and have Dash turn over any NFTs of the album he’s already had minted.
[via RollingOut Magazine]