When Jay-Z and Damon Dash collaborated on Roc-A-Fella they knew their recording agency would be among the best. What they didn't realize at the time, was that they'd end up in a legal battle, in a dispute over Dash's licensing rights. In recent days, Damon Dash has been accused of trying to auction off Jay-Z's debut album, Reasonable Doubt, as an NFT. TMZ reports that he has no legal right to do so, and Jay-Z has taken immediate action to stop Dash in his tracks before it's too late.
In a very rare move, a law suit has been filed by Roc-A-Fella, against one of the member of their very own team. Damon Dash currently holds 1/3 of the company, but is trying to sell the NFT without actually having the authority to do so.
Reasonable Doubt is truly considered to be a part of hip hop history. It's been seen as his breakthrough album, and the one that truly catapulted Jay-Z into fame. Currently, the company owns the rights to the album, and Damon Dash doesn't have the legal authority to act on his own accord and sell it off.
The moment that Jay-Z caught wind of the fact that Dash was trying to mint his album, he filed legal action against him. TMZ indicates that: "according to the docs -- filed by powerhouse attorney Alex Spiro -- Damon planned to sell the album as an NFT at a since-canceled auction, but the company is worried DD will just try to find another platform to hold the auction."
There's no denying the fact that the NFT craze is a hot one right now, and there's no better time than the present to cash in on the very lucrative market. Once sold, Dash would make an astronomical amount of money each time the album earned income in any way. The residual wealth possibilities are endless.
In spite of the fact that Jay-Z is aware of Dash's efforts and proceeded to file suit against him, he fears that Dash may act quickly and find another method of auction.
Complex issued a report stating; "Roc-a-Fella claims Dash intended to sell the NFT in a since-canceled auction, and fears the hip-hop mogul will try to do it again."
The fact that the rights to the album belong to Roc-A-Nation indicate that Dash has no legal right to sell the album as an NFT. If he proceeds to do so, he would be selling something he doesn't own the actual rights to, and converting a corporate asset into personal gain is essentially comparable to theft.
All eyes are on Dash and the next move made by Jay-Z's legal team.