{"id":570877,"date":"2021-06-22T16:37:00","date_gmt":"2021-06-22T20:37:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570877"},"modified":"2021-06-22T16:37:02","modified_gmt":"2021-06-22T20:37:02","slug":"major-lawsuit-claims-record-label-co-founder-tried-to-auction-jay-zs-first-album-reasonable-doubt-as-nft","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-lawsuit-claims-record-label-co-founder-tried-to-auction-jay-zs-first-album-reasonable-doubt-as-nft\/","title":{"rendered":"Major Lawsuit Claims Record Label Co-Founder Tried To Auction Jay-Z\u2019s First Album \u2018Reasonable Doubt\u2019 As NFT"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmajor-lawsuit-claims-record-label-co-founder-tried-to-auction-jay-zs-first-album-reasonable-doubt-as-nft%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=570877&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-472993192-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Roc-A-Fella Records \u2014 the record label founded by Shawn \u201cJay-Z\u201d Carter, Damon \u201cDame\u201d Dash, and Kareem \u201cBiggs\u201d Burke in 2013 \u2014 has sued Dash, alleging that the co-founder was attempting to sell a non-fungible token (NFT) of Jay-Z\u2019s 1996 album, \u201cReasonable Doubt.\u201d<\/span><\/p>\n<p><span>\u201cThe clock is ticking. Dash had planned to sell at a SuperFarm Foundation online auction on June 23, 2021, the copyright to Jay-Z\u2019s debut album Reasonable Doubt, recognized as one of the greatest recordings in history,\u201d the <\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.562168\/gov.uscourts.nysd.562168.1.0.pdf\"><span>lawsuit<\/span><\/a><span> states. \u201cThat auction was canceled, and Dash is currently frantically scouting for another venue to make the sale. It\u2019s not a matter of if, only when. But Dash does not even own Reasonable Doubt or its copyright and, therefore, has no right to sell the album or any rights to it. Instead, RAF, Inc. owns all rights to Reasonable Doubt. The sale of this irreplaceable asset must be stopped before it is too late, and Dash must be held accountable for his theft.\u201d<\/span><\/p>\n<p><span>\u201cDuring the past year, the market for non-fungible tokens, also called \u2018NFTs,\u2019 has exploded,\u201d the lawsuit explained. \u201cA non-fungible token is a unit of data that is \u2018minted\u2019 and stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. Simply put, it is a digit asset recorded on the blockchain that shows proof of ownership. NFTs can be created to transfer ownership of virtually any asset \u2014 from visual art to sporting event tickets, to copyrights. NFTs can be freely bought and sold like any other asset, and some NFTs have traded for tens of millions of dollars. SuperFarm owns an online platform that mints and sells NFTs to the public.\u201d<\/span><\/p>\n<p><span>The lawsuit then alleges that \u201cDash saw an opportunity in this emerging NFT market.\u201d<\/span><\/p>\n<p><span>\u201cThe rights to Reasonable Doubt are highly valuable and unique. They can be used to create derivative works and generate significant financial and non-financial benefits. There is only one Reasonable Doubt \u2014 the rights to it are irreplaceable,\u201d the lawsuit stated. \u201cDash knew this and sought to cash in by auctioning the copyright to Reasonable Doubt as an NFT. Though the original auction was canceled, it is believed that Dash has already minted an NFT, which he intends to sell through another auction or some other means as soon as possible\u201d<\/span><\/p>\n<p><span>\u201cBut, again, Dash does not own Reasonable Doubt or the rights he is unlawfully seeking to sell. And Dash\u2019s status [as a] minority shareholder in RAF, Inc., gives him no right to sell a company asset,\u201d the lawsuit concluded. \u201cThe bottom line is simple: Dash can\u2019t sell what he doesn\u2019t own. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties. His planned auction of Reasonable Doubt would result in irreparable harm. The Court should stop Dash from attempting to sell the copyright to Reasonable Doubt, require Dash to return the NFT of Reasonable Doubt to RAF, Inc., and hold him accountable for this brazen theft of RAF, Inc.\u2019s most prized asset.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/www.tmz.com\/2021\/06\/20\/damon-dash-jay-z-roc-a-fella-records-reasonable-doubt\/\"><span>TMZ<\/span><\/a><span> reported that Dash described the lawsuit as inaccurate and that he is trying to sell his minority share in RAF, and not the album itself.<\/span><\/p>\n<p><span>\u201cUnder the terms of the deal with a potential buyer, the buyer would buy my share of Roc-a-Fella Records and Jay-Z will have exclusive administration rights\u201d to the album, Dash told TMZ.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Roc-A-Fella Records \u2014 the record label founded by Shawn \u201cJay-Z\u201d Carter, Damon \u201cDame\u201d Dash, and Kareem \u201cBiggs\u201d Burke in 2013 \u2014 has sued Dash, alleging that the co-founder was attempting &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2281020,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-472993192-1200x800-1.jpg","fifu_image_alt":"Major Lawsuit Claims Record Label Co-Founder Tried To Auction Jay-Z\u2019s First Album \u2018Reasonable Doubt\u2019 As NFT","footnotes":""},"categories":[],"tags":[],"class_list":["post-570877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-472993192-1200x800-1.jpg","fifu_image_alt":"Major Lawsuit Claims Record Label Co-Founder Tried To Auction Jay-Z\u2019s First Album \u2018Reasonable Doubt\u2019 As NFT","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=570877"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/570877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2281020"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=570877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=570877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=570877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}