The deal will end a lawsuit in which Lil Yachty claimed the company raised millions in venture capital funds by advertising a partnership that never existed.
Lil Yachty performs on stage at the 2022 Summer Smash festival at Douglass Park on June 19, 2022 in Chicago.has reached a settlement with a non-fungible token seller called Opulous over allegations that the company used his name and likeness without permission to raise over $6.5 million in venture capital funds., claiming that Opulous launched an advertising blitz for a “Lil Yachty NFT Collection” that would give buyers access to new music from the rapper — without ever securing his approval.
Yachty’s case against Opulous was one of several lawsuits filed last year over NFTs, a buzzy form of digital collectible that skyrocketed in popularity in 2021. But the market for NFTs largely collapsed last year, andIn his January 2022 complaint, Yachty called the Opulous project, which also included images of him, a “blatant and conscious disregard for plaintiff’s exclusive legal rights.
His lawyers said that Opulous had pitched his management team about a potential partnership, and that he joined a second call for a “a general introductory meeting,” but that the two sides never came close to signing a deal. “There were no further communications between the parties, and accordingly no agreement or deal terms for plaintiff’s involvement in the defendants’ launch of the Opulous platform was ever reached,” the lawsuit read.
But even without his approval, Opulous then allegedly announced it would be launching a line of music NFTs and be “kicking things off with a series of unmissable NFT drops led by world-famous artists including Lil Yachty.” That was allegedly followed by numerous social media posts featuring similar claims, as well as images of the rapper, the suit said.
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