As reported last month, Damon Dash of Roc-A-Fella was sued by the firm for trying to sell an NFT on Ethereum that was linked to the album named Reasonable Doubt of Jay-Z. Generally, when artists try to cash in by generating an NFT of a song, they are just talking about a file that is linked with the music.
Talking about an NFT, it stands for a Non-Fungible Token, which is just a kind of distinct cryptocurrency that is linked to a file. Well, making a purchase in an NFT gets you the token and a copy of the file, nothing more.
Moreover, in accordance with the filing by Roc-A-Fella, Dash was allegedly trying to sell the ownership of the copyright to Reasonable Doubt along with the non-fungible tokens.
In addition to this, the label mentioned that while Dash may own 1/3rd of the firm, he does not own the copyright to any individual recordings, and can not sell what he does not possess.
As recently reported, Dash is trying to auction off his complete stake in Roc-A-Fella. He announced:
An explanatory blurb on the website Dashnftgallery.io read:
Selling this type of equity is not something that you can do via an NFT auction alone, It’s The Roc, is importantly a non-binding promise from Dash that he is going to sell you his own stake in the firm, at some unspecified point in the future.
Also, it should be noted that there is no limit on what you can send the address, but the site requires a minimum bid of $10,000,000 or equal to this in Bitcoin, Ethereum, Pounds, Euros.