JAY-Z Sues Damon Dash Over Alleged Attempt To Sell Copyright To His Debut Album As NFT
“I just think it’s disappointing to also have a white lawyer calling me a thief on Juneteenth," Dash said of the situation.
June 22, 2021 at 3:58 pm
Paperwork filed by JAY-Z’s attorneys last week say that Dash intended to sell the album as a non-fungible token (NFT) on a popular cryptocurrency platform called SuperFarm, Page Six reports.
“Dash had planned to sell at a SuperFarm Foundation online auction on Jun. 23…the copyright to JAY-Z’s album Reasonable Doubt, recognized as one of the greatest recordings in history,” paperwork filed by JAY-Z’s legal team in New York’s Southern District Court read.
“That auction was cancelled 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, and Dash must be held accountable for his theft,” the lawsuit continues.
According to Forbes, NFTs, which rose to prominence this year, are digital assets that represent real-world objects such as music, art, videos etc.
Dash reportedly owns a third of equity interest in Roc-A-Fella Records, which he co-founded in 1995 alongside JAY-Z and Kareem Burke, but does not own copyrights. Roc-A-Fella is also the label that produced Reasonable Doubt in 1996.
The “Holy Grail” rapper’s lawsuit quotes Dash's announcement of selling the album, which referred to the sale as a “new milestone.”
“This marks a new milestone in the history of NFTs, entitling the new owner to future revenue generated by the unique asset….The newly minted NFT will prove ownership of the album’s copyright, transferring the rights to all future revenue generated by the album from Damon Dash to the auction winner,” the announcement read, Rolling Stone reported.
The suit concluded in its own words, “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. The court should stop Dash….and hold him accountable for his brazen theft.”
Though JAY-Z is taking legal action against Dash, the 50-year-old contends that the rapper is a “liar” and a “bully.” He also alleged that JAY-Z’s lawsuit comes after the 51-year-old offered to buy him out of his Roc-A-Fella share for $1.5 million, but he turned it down.
“They just said that I tried to sell an NFT of Reasonable Doubt and … it’s not true,” Dash told Page Six. “I’m not running around to different places trying to auction off ‘Reasonable Doubt.’ I’ve been working with one platform and that’s SuperFarm.
“And the thing is I own a third of Roc-A-Fella Records and I can sell my third if I feel like it,” he continued.
Dash also felt that the allegations, especially coming from another Black man, were “f**ked up.”
“When another Black man calls another Black man a thief, just to make him look bad, and so that they can devalue an asset that that other man owns, just because he won’t sell it to him at a low price — I don’t think the culture needs that,” Dash said.
“I just think it’s disappointing to also have a white lawyer calling me a thief on Juneteenth. It’s very representative of what they do to someone when they try to make a good guy look like a bad guy, just because he’s doing good business,” he added.
Dash shared that since becoming a media mogul and businessman, JAY-Z has become “vindictive” and “controlling.”
“That’s what corporate always does to the independent guy,” Dash said. “It’s a case of corporate versus independent and how they try to bully me — but they are trying to bully the wrong one.”