Lil Yachty settled a trademark infringement lawsuit claiming Opulous used his name and image to raise $6.5 million in venture capital through NFTs
filed against NFT seller Opulous over a year ago has been settled, according to court documents obtained byThe original suit alleges that the company, which does business as Ditto Music, used the rapper’s name, image, and general likeness to misleadingly portray him as their flagship artist partnership and raise more than $6.5 million in venture capital funds.
In the settlement document submitted April 11 by Lee James Parsons, founder of the Singapore-based company, the court was notified of the resolution, details of which have not been shared. The involved parties have requested 45 days “to confirm the settlement in writing and file a dismissal of the action.”as Opulous’ choice celebrity partnership had roots in an actual encounter between the two parties.
In December 2020, Lil Yachty ventured into crytocurrency on his own with YachtyCoin, an Ethereum-based token. “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 filed in federal court in Los Angeles stated.
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