Lil Yachty filed an Opulous trademark infringement lawsuit on Thursday. The suit claimed Opulous was violating the trademarks of NFT seller Opulous. “maliciously”To raise over $6.5 million in venture capital funds, he used his name and likeness.
In the suit, Miles Parks McCollum, a rapper, stated that he had only participated in exploratory conference calls in May 2021 with the Singapore-based company. These included Opulous founder Lee Parsons and Ditto Music CEO. He states in the suit “no agreement or deal terms”were made, and he didn’t receive any of the money raised.
Opulous, however, issued a press statement on June 2, 2021 claiming that its future was slated for the 2nd of June, 2021. “series of unmissable NFT drops”It would be “led by world-famous artists including Lil Yachty,”According to the lawsuit. The materials used in the “media blitz”The complaint also included a photograph of Lil Yachty.
Opulous and Parsons “maliciously utilized the alleged affiliation and involvement of plaintiff as their flagship artist partnership to successfully raise substantial venture capital funds — represented as over $6.5 million — yet never remitted any monies to plaintiff,”The lawsuit claims.
NFTs or non-fungible tokens are described in the complaint. “unique pieces of digital content linked to the blockchain, which is the digital database underpinning cryptocurrencies such as Bitcoin and Ethereum.”Each token is a symbol of a “unique”It says that identity can be used to buy, sell, and trade them.
The lawsuit further states Opulous purports to sell ownership interests in musicians’ copyrighted work to the public at large, using NFTs as the means by which the ownership interest is transferred and maintained.
“Of course, it is axiomatic that in order to offer the ownership interest to any musician’s copyrighted work, defendant, Opulous, must first have the agreement and consent of the musician at issue to sell the copyright to his or her work, with the musician in turn entitled to a share of the proceeds from the sale thereof,”The lawsuit was filed in Los Angeles state federal court.
Parsons did not respond immediately to a request for comment. Rolling Stone.
“Defendant’s willful and intentional acts of unfair competition and false advertisement have caused and continue to cause great and irreparable injury and damage to plaintiff’s business and goodwill,”The complaint seeks unspecified damages claims.