Damon Dash appears to be ready to divest his 1/3 ownership stake in the legendary hip-hop label he co-founded in 1995 with Jay-Z and Kareem “Biggs” Burke, Roc-A-Fella Records.
Damon Dash is currently locked in a nasty legal battle with Jay-Z, over claims he attempted to illegally sell the copyrights to the one album the label still owns, Reasonable Doubt.
A judge granted Jay-Z the temporary restraining order against Damon Dash from selling Reasonable Doubt as an NFT through an auction with a company called SuperFarm.
Jay-Z accused Damon of trying to hawk the copyrights to *Reasonable Doubt,” which is the only album Roc-A-Fella still owns. Damon maintained he was trying to sell his 1/3 share in the imprint as an NFT.
Despite the legal wrangling, which is still ongoing, Damon Dash has announced he is moving forward with the sale of his ownership in Roc-A-Fella Records, by selling his stake as an NFT.
Earlier today, Damon Dash posted a message on his Instagram page to announce a company called Dash NFT Gallery.
In addition to Damon’s stake in the Roc, the highest bidder will also receive a commemorative NFT called It’s The Roc (2021) representing a certificate of ownership.
“Own a moment in time when Reasonable Doubt changed hip hop culture. The album that influenced and touched so many lives,” Damon Dash’s message reads.
Earlier this week, a judge shot down Damon Dash’s attempt to halt a meeting between Roc-A-Fella Records shareholders Jay-Z and Kareem “Biggs” Burke.
Damon claimed Jay-Z was attempting to take over the company as the Director illegally, and change the bylaws to indemnify himself against legal action in another lawsuit raging between the friends-turned-foes.
Damon Dash also said Jay-Z cost him millions of dollars by interfering with the sale of his ownership in the label, claiming the negative press surrounding the lawsuit had cost him several potential deals.
The next court date in Damon Dash and Jay-Z’s legal tussle is slated for July 28.
Damon Dash has announced a July 23 date for his auction to sell off his 1/3 ownership stake in Roc-A-Fella Records as an NFT, which is estimated to fetch between $10 and $30 million.