Rock-A-Fella and Dame Dash have reached an agreement, which has denied him the authority to sell Jay-Z’s ‘Reasonable Doubt’ as NFT.
Court documents read that Dash is prohibited from selling Jay-Z’s 1996 debut album as an NFT, as Roc-A-Fella still owns all rights to the LP.
“Unless duly authorized by RAF, Inc., no shareholder or member of RAF, Inc. may alter in any way, sell, assign, pledge, encumber, contract with regard to, or in any way dispose of any property interest in Reasonable Doubt, including its copyright and including through any means such as auctioning a non-fungible token reflecting, referring, or directing to such interest,” the legal docs state.
Under the parties’ agreement, Dash is allowed to sell his one-third ownership stake in Roc-A-Fella. However, he is not allowed “in any way dispose of any property interest in Reasonable Doubt.”
“Nothing in this Judgment shall prevent any shareholder or member of RAF, Inc. from selling, assigning, pledging, encumbering, contracting with regard to, or in any way disposing of their one-third (1/3rd) ownership interest in RAF, Inc.,” the agreement details.
The news comes nearly a year after Roc-A-Fella filed a lawsuit against Dash alleging he attempted to mint and sell the Reasonable Doubt album as a non-fungible token. Roc-A-Fella also claimed he intended to sell the NFT in a canceled auction.
“The sale of this irreplaceable asset must be stopped before it is too late, and Dash must be held accountable for his theft,” the June 2021 lawsuit read. “The bottom line is simple: Dash can’t sell what he doesn’t own.”
Days after news of the lawsuit broke, Dash told TMZ that the label’s lawsuit was inaccurate and that he was not trying to sell Jay-Z’s album but only his share of Roc-A-Fella.
Dash also claimed that in March of last year, Jay-Z attempted to buy his one-third share of Roc-A-Fella at “a price I deemed unacceptable.”
“Under 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,” Dash added.
In March, Jay’s attorney Alex Spiro filed a court document in Manhattan federal court saying both sides were “in the process of meeting and conferring to determine whether they can reach a settlement agreement that would resolve this case.”
But Dame went on Instagram to dispute those claims.
“Please don’t believe this hype we are no where near a settlement,” he wrote. “They accused me of doing something i did not do and now they have to prove it…and i can sell my share anytime I want #askthejudge and #jayz and @biggsburke if you wanna settle this holla at me…we use to hustle together…court is corny…let’s talk like men for the culture…I dare y’all to respond #doitfortheculture.”