Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => NFTs & Collectibles => Topic started by: RSRS on July 24, 2021, 07:05:57 AM
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Last month, Roc-A-Fella Records sued co-owner Damon Dash for trying to sell an NFT tied to Jay-Z’s album “Reasonable Doubt.”
Typically, when artists try to cash in by “making an NFT of” a song or an album, they’re talking about a file (typically an image or video) associated with the music. An NFT is just a kind of unique cryptocurrency that’s attached to a file. Buying an NFT gets you the token and a copy of the file—nothing more.
But according to Roc-A-Fella’s filing, Dash was allegedly trying to sell the “ownership of the copyright” to “Reasonable Doubt” along with the NFT. The label goes on to say that while Dash may own one third of the company, he doesn’t own the copyright to any individual recordings, and “can’t sell what he doesn’t own.”
Can NFTs Change How We Value Music?
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.”
“Damon Dash is auctioning his ⅓ interest in Roc-A-Fella Inc. which owns Reasonable Doubt, Jay-Z’s first album,” reads an explanatory blurb on the website Dashnftgallery.io.
More Information (https://cryptonews.net/en/news/nft/1156187/)