Damon Dash, who was sued by the record label he co-owns, Roc-A-Fella, for attempting to sell an NFT based on Jay-Z’s debut album “Reasonable Doubt” is changing his plans.
Roc-A-Fella made it clear, right from the very start, that even if Damon Dash owns one-third of the record label company, he still has no right to sell the record’s assets. Roc-A-Fella also accused Dash of selling Reasonable Doubt’s ownership of copyrights.
And with the mounting pressure to stop his NFT sale plan, Dash was forced to make major changes in his auction attempts.
Change of plans
Because of the “ownership selling” accusation thrown at him, Dash chose to sell a different NFT instead. Now, instead of selling Reasonable Doubt’s NFT, he will sell his one-third stake at Roc-A-Fella.
Just days ago, he minted an NFT called “It’s The Roc,” which will hand over his stake on Roc-A-Fella to the highest bidder.
The legality of the deal says that yes, Dash can certainly sell his stake through the NFT route, but the NFT auction wouldn’t actually complete the deal.
Because even if the NFT is successfully sold, it is still in a form of a non-binding pledge that Dash would sell his Roc-A-Fella stake. In short, the NFT sale does not guarantee that an ownership will actually be transferred.
$10 million minimum bid
On the official website that accepts bids for Damon Dash’s “It’s the Roc” NFT, it says that the minimum bid for Dash’s Roc-A-Fella’s one-third ownership is $10 million.
And since it’s an NFT, interested bidders can also send their bids using bitcoin or ethereum that is equivalent to the minimum bid being asked. It is yet to be seen if Dash’s record label stake will generate as much attention as the Reasonable Doubt NFT that he had tried to auction before.
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