Connect with us

Projects

Damon Dash is Being Sued by Roc-A-Fella for the NFT of JAY-Z’s Reasonable Doubt

According to Roc-A-Fella, Dash cannot legally offer the 1996 album as a non-fungible token because the label owns the rights to the album.

Published

on

According to TMZ, Roc-A-Fella Records is suing co-founder Damon Dash for attempting to sell Reasonable Doubt as an NFT. Roc-A-Fella claims Dash is unable to lawfully sell JAY-debut Z’s album from 1996 because the label owns the rights to the album.

Dash’s attempted NFT sale has since been canceled, according to court records obtained by TMZ. Dash, on the other hand, is allegedly “frantically hunting for another place to make the sale,” according to the lawsuit. Alex Spiro, an attorney, filed the complaint. 

Following the filing of the lawsuit, Damon Dash reportedly told TMZ that Roc-A-Fella’s lawsuit is full of errors and that he is trying to sell his stake in Roc-A-Fella, not JAY-Z’s record.

According to a fresh story from TMZ, Dash said that in March, Jay-Z wanted to buy his one-third stake in Roc-A-Fella for “an unacceptable sum.” According to TMZ, Dash is looking for a new buyer. “Under the terms of the arrangement with a potential buyer, the buyer would buy my portion of Roc a Fella Records, and Jay-Z would have exclusive administration rights,” Dash explained to TMZ.

JAY-Z sued hip-hop photographer Jonathan Mannion, who shot the cover of Reasonable Doubt, just a few weeks ago. Mannion’s use of JAY- Z’s likeness in images sold and used by the photographer was the subject of the lawsuit. Mannion was accused of “exploiting” his name and image “without [his] consent,” according to JAY-Z.

Clothing designer Dwayne Walker sued JAY-Z and Dash (together with Kareem “Biggs” Burke, Roc-A-Fella, UMG, and Island Def Jam) in 2016. Walker claimed that the Roc-A-Fella emblem was his creation and that he was owed royalties for its use. He sued for $7 million in damages for breach of contract and infringement of copyright.

Projects

Is Walmart Getting Ready to Make a Move into the Metaverse?

The retail behemoth filed seven patents, indicating that it intends to develop its own digital money and NFT collection.

Published

on

#nft #nfthours #walmart

With patent filings showing that it aims to build its cryptocurrency and NFT collection, it looks that retail behemoth Walmart Inc. is getting ready to enter the Metaverse.

On December 30, the multinational retailer registered many new trademarks with the United States Patent and Trademark Office. Still, they went unreported until a CNBC article on January 16 shed additional light on Walmart’s plans.

At the time, Walmart had filed seven patent applications, three of which were under its current advertising subsidiary “Walmart Connect.”

Plans to develop and sell “virtual items,” such as electronics, toys, appliances, clothes, and home decor, were included in the applications. There’s also talk of “digital money” and a “digital token” and buying and selling NFTs.

In the meantime, a separate application reveals plans to trademark the Walmart brand name and logo in virtual reality (VR) and augmented reality (AR), with the possibility of launching “physical fitness training services” in VR and AR.

This is the most recent in a series of incidents suggesting Walmart’s interest in the Metaverse. In August, the retail behemoth posted a job opening for a “digital currency and crypto product lead” to spearhead its digital currency strategy.

Although the job posting has since been taken down, it is unknown whether the position has been filled. A search on Linkedin for someone in the role at Walmart yields no results.

Walmart has teamed with Coinstar, a crypto ATM firm, and Coinme, a crypto-cash exchange, to deploy 200 Bitcoin ATMs in its shops across the United States in October.

Walmart has also been using blockchain technology since 2018 for supply chain management, customer markets, and intelligent products.

According to Morgan Stanley analysts, the Metaverse might provide retailers with an $8 trillion potential.

According to Digital Commerce 360, Walmart’s sales reached $11.1 billion in the third quarter of 2021. With a market valuation of over $406 billion, Walmart is the largest private employer in the United States. In addition, it owns a hypermarket, discount department store, and grocery store chain.

Continue Reading

Projects

Cuban Discusses his ‘Non-Shark’ Cryptocurrency and NFT Interests

Mark Cuban, the billionaire shark investor, acknowledged in a recent podcast that virtual assets account for 80 percent of his non-Shark money. Cuban has been very public about his admiration for cryptos since the beginning, so this statement comes as no surprise.

Published

on

#nft #nfthours #cuban #crypto

“80% of the investments that I make that are not on Shark Tank, are in or around cryptocurrencies.”

He went on to say,

“The investments I’m making now are not in traditional businesses.”

The television personality’s NBA team, the Dallas Mavericks, struck a deal with cryptocurrency platform Voyager last year. His brand also accepts Dogecoin for payment due to his numerous other crypto agreements. He also stated in this context,

“Put aside all the speculation you read about with Bitcoin and Dogecoin, all that. Set that aside, that’s just the gamesmanship that’s played with stocks and everything.”

However, he recently indicated in a podcast that he is now considering decentralized autonomous groups (DAOs).

“Every token holder in that application has a chance to set the direction of the network, not always equally, but typically equally. That is really where I look to invest.”

Cuban has previously predicted that DAOs could lead to “disruptive” business prospects.

Cuban is also optimistic about smart contracts, the lifeblood of DAOs, DeFi, and NFTs. Meanwhile, his NFT wallet appears to be filled with Ethereum, Polygon, and Solana items.

It’s worth mentioning that the serial investor recently participated in a capital round for Seattle-based fintech Seashell. An investment firm that aims to provide high yields through crypto-backed loans. Aside from that, Cuban has previously stated that his BTC, ETH, and alt portfolios are split 60 percent, 30 percent, and 10%, respectively.

Continue Reading

Projects

The Rug Has Been Ripped Out from under Frosties NFT Investors, who have Lost Almost $1 Million

Frosties NFT investors were enticed to the enterprise by false promises of prizes and gifts.

Published

on

#nft #nfthours #frosties #scam

On January 9th, investors in an NFT collection named Frosties were duped out of almost $1 million as the inventors of the digital tokens disappeared with their money.

Frosties NFT investors lost $1.3 million

According to published information, the collection had 8,888 NFTs, and the floor price was 0.04 ETH, which is nearly $120.

All of the NFTs were sold within an hour. Still, instead of receiving their coveted asset, investors discovered that the project developers had turned off all communication routes with the community.

According to Etherscan, the developers had shifted most of their funds out of the wallet associated with their OpenSea account and into another wallet.

The Frosties NFT project was thought to have significant intentions for its backers, promising “staking, metaverse [and] breeding functions.”

Aside from that, the idea offered “giveaways, airdrops, early access to the metaverse game, and unique mint passes to the following seasons” to those who invested.

Marcellus King, a first-time investor in the space, said he put $3000 into the fraud. He said he was initially wary of the project. Still, He was persuaded after seeing that it “had a flourishing community with a lot of activity, a roadmap, legitimate-looking site, OpenSea account, and artwork.”

Unfortunately, this was all a gimmick to get others to invest in the project.

Investors are trying to figure out how to get their money back

The project’s original developers may have vanished with the investors’ money, but it looks that they are not giving up on the idea.

The NFT’s original owners have started a Discord group chat where they’re now talking about “unrugging the Frosties.”

The organization is now working on a wrapped contract that would aid in the restitution of stolen funds to their proper owners.

One of the group’s approximately 1400 moderators revealed that they are “diligently working behind the scenes to gain control of the project in some way.”

NFT scams in recent times

While this may be the first documented NFT scam of the year, we reported on a number of them last year.

One of the scams we discovered involved “Iconics,” a Solana-based NFT project that cheated investors out of over $130,000 and instead sent them a random assortment of emojis.

Nervos Networks and Pastel have formed a new cooperation to fight concerns such as “rug pulls, NFT disappearances, data losses, and manipulation.”

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 42,153.00 1.61%
ethereum
Ethereum (ETH) $ 3,185.33 2.59%
tether
Tether (USDT) $ 1.01 0.40%
chiliz
Chiliz (CHZ) $ 0.255168 2.83%
enjincoin
Enjin Coin (ENJ) $ 2.27 5.32%
decentraland
Decentraland (MANA) $ 2.85 6.51%
flow
Flow (FLOW) $ 7.05 6.65%
the-sandbox
The Sandbox (SAND) $ 4.52 5.86%
wax
WAX (WAXP) $ 0.386413 5.41%
ecomi
ECOMI (OMI) $ 0.007407 0.79%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.163515 7.12%