Roc-A-Fella Records (RAF) is suing Damon Dash for allegedly planning to sell the copyright of Jay-Z’s debut album Reasonable Doubt at an NFT auction on June 23. Roc-A-Fella claims Dash minted the copyright as an NFT on the SuperFarm online marketplace without the rights to it and is looking to sell it as fast as possible following the cancellation of the June 23 auction.
Rappers Jay-Z and producer Dash each own one-third of RAF, with American music producer Kareen Burke owning the balance of the private company. According to RAF’s legal complaint, Dash’s position as a minority shareholder does not grant him any rights to sell a company asset. Legally a company is an entirely separate entity, and a shareholder can usually only claim a share of assets if the company is dissolved. Even then, only after all the company’s debts have been repaid. And RAF is very much a going concern.
NFT platform SuperFarm announced the auction of the copyright to the album through a partnership with Dash, mentioning that the winner would be entitled to future revenue associated with the asset.
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