63 Interactions, 2 Today
Dash was sued by Roc-A-Fella Records last month for an NFT sale.
Roc-A-Fella Records sued co-owner Damon Dash last month for attempting to sell an NFT linked to Jay-album Z’s “Reasonable Doubt.”
When artists attempt to profit by “making an NFT of” a song or album, they are usually referring to a file (typically an image or video) associated with the music. An NFT is simply a type of one-of-a-kind cryptocurrency that is linked to a file. Purchasing an NFT only gets you the token and a copy of the file.
However, according to Roc-A-filing, Fella’s Dash was attempting to sell “ownership of the copyright” to “Reasonable Doubt” alongside the NFT. According to the label, while Dash owns one-third of the company, he does not own the copyright to any individual recordings and “can’t sell what he doesn’t own.”
Now, instead of auctioning off the copyright to “Reasonable Doubt,” Dash is trying to auction off his entire stake in Roc-A-Fella. Three days ago, he announced a new NFT called “It’s The Roc,” which a description promises “will be gifted to the highest bidder on Damon Dash’s 1/3 interest in Roc-A-Fella Inc.”
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“Damon Dash is auctioning off his 13% stake in Roc-A-Fella Inc., which owns Reasonable Doubt, Jay-first Z’s album,” according to a description on the website Dashnftgallery.io.
This type of equity cannot be sold through an NFT auction alone; “It’s The Roc” is essentially Dash’s non-binding promise to sell you his stake in the company at some unspecified point in the future.
Though the NFT is available to view on OpenSea and Foundation, it hasn’t been officially listed. Instead, Dash is asking interested parties to send their bids to an Ethereum address linked on the website. The bidding is described as “private,” but when we scanned the QR code on the site, we were just asked to send the money directly:
There is no limit to how much you can send to the address, but the site requests a minimum bid of $10,000,000 “or equivalent in the following currencies: Bitcoin, Ethereium [sic], Pounds, Euros.”
Scanning the same QR code on the Coinbase Wallet app yields the following results:
The auction ends July 26 at 5pm Pacific.