Lil Yachty has settled an infringement lawsuit against an NFT company. The company allegedly used NFTs bearing the 25-year-old's name to rake in millions of dollars. Moreover, the case is one of the more high-profile incidents surrounding the legality of NFTs. Indeed, the revolutionary nature of NFTs has created a legal grey area. Subsequently, Several legal cases have popped up that seek to establish what is and isn't allowed.
Rolling Stone first reported in January that Yachty had filed a lawsuit alleging trademark infringement. Moreover, the lawsuit was filed against an NFT seller called Opulous. The company is accused of using Yachty's name and image to raise more than $6 million in venture capital funds. The company allegedly advertised the "Lil Yachty NFT Collection." Buyers were allegedly told that the collection would include access to the rapper's music. However, Yachty says he has never been affiliated with the company. Additionally, the "Poland" rapper says he never received any of the money the company raised.
Lil Yachty Says He Made No Money From NFT Bearing His Name
Subsequently, Rolling Stone now reports that Yachty has settled with the company. The exact dollar figures have not been released. However, the two parties have been given 45 days to finalize the settlement in writing. Additionally, the two camps will also need to file a motion formally dismissing the case. Meanwhile, this is not the only lawsuit Yachty has been involved with. Indeed, the Atlanta native was implicated in an alleged NFT pump-and-dump scandal last February.
That suit alleges that Yachty used his fame to artificially boost the value of the currency. Additionally, other famous names like Soulja Boy and Jake Paul were also implicated. Elsewhere, Yachty has been doing well musically. He released a new single, "Strike (Holster)" last week. Additionally, the rapper recently went live from New York on Saturday night. Yachty made his long-anticipated SNL debut in early April, During the performance, the rapper performed his hits "Black Seminole," and "Drive Me Crazy!" Yachty will likely be eager to put the courtroom drama behind him so he can focus on upcoming work.
[Via]