NFT craze has sparked a rift against co-founders of the label "Roc-A-Fella" Records (RAF) with the rapper Jay-Z pressing charges against Damon Dash for selling his first album, "Reasonable Doubt."
Allegedly, Dash had no rights to sell the album that was produced by RAF records, with writing and vocals coming from the co-founder, Jay-Z. But, Dash did so anyway but was stopped by Roc-A-Fella before the event selling has taken place. The selling of the album as a non-fungible token (NFT) is a new thing in the world of NFTs, but Jay-Z is not taking it.
The craze for NFT in the world of digital technology has grown into a massive success, particularly because anything digital can be sold as a token, with a lot selling for thousands of dollars. Recently, Tim Berners-Lee, the creator of the Worldwide Web, has presented to sell the source code of the beginnings of the internet as an NFT, which is a significant move for him.
Jay-Z Lawsuit against Damon Dash for Selling 'Reasonable Doubt' as NFT
CNN, on the other hand, is selling several of the world's historic events on tape as NFTs, which would begin its auctions this June, soon losing their rights to it. The two aforementioned events where NFTs are sold from the works of artists and other personalities is a good way to go in the industry. However, in terms of Jay-Z and Damon Dash, it is a conflict of interest.
Roc-A-Fella Records and Jay-Z have prevented the sale of his debut album "Reasonable Doubt," from being sold as an NFT by his former partner and minor stakeholder, Damon Dash. In the lawsuit pressed by RAF, it said that Dash had no right to sell the album, and it is still protected by copyrights under Jay-Z, also with royalties.
Initially, Dash has partnered with SuperFarm to sell the album but was halted by the lawsuit and Roc-A-Fella, botching the auction and sale. However, reports from TMZ say that Dash tried to look for other parties to sell the NFT and continue the process of selling it, despite the pending criminal charges that he would face.
NFTs are Protected by Copyright Laws and MORE
It is a good thing that Non-Fungible Tokens are still protected by copyright laws and royalties despite being digital pieces of technology, and are distributed widely on the internet. Moreover. these copyright laws still protect certain products, music, art, or film from being reproduced, especially when being sold as an NFT in the modern age.
This law would ensure that NFTs would not be sold without the original owners or those who have stakes in it, being notified about the dealings behind it.
Most NFTs of the modern age are focusing more on music and film, particularly the classics or top-grossing ones, or those that have been previously viral on social media. A lot of them are subject to copyright, and lawsuits have now popped-up to protect those who are wrongfully robbed of their work.
Related Article: NFTs Booming Massive Craze-Here are the Most Expensive Ones Sold!
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Written by Isaiah Richard