Lil Yachty has settled his trademark infringement lawsuit against NFT seller Opulous, according to court documents obtained by Rolling Stone. The lawsuit was filed over a year ago and alleged that the Singapore-based company used the rapper’s name, image, and likeness to portray him as their flagship artist partnership, misleadingly raising over $6.5 million in venture capital funds.
Yachty’s Lawsuit Against Opulous
Lil Yachty contended in the initial lawsuit that Opulous must obtain the consent and agreement of any musician before selling their copyrighted work. The lawsuit further claimed that the rapper engaged in conference calls with the company to discuss a possible partnership, but no accord or arrangement had been made.
Despite this, in June 2021, Opulous allegedly moved ahead with its NFT series, claiming it would be “led by world-famous artists including Lil Yachty” and attached a photo of him for promotional purposes. In December 2020, the rapper/songwriter ventured into cryptocurrency on his own with YachtyCoin, an Ethereum-based token.
The settlement terms have not been disclosed, but both parties have requested 45 days to confirm the resolution in writing and file a dismissal of the action.
Akon, Soulja Boy, Lil Yachty & More Charged for Promoting Illegal Cryptocurrency Offerings
Recently, Soulja Boy, Lil Yachty, and Akon found themselves in hot water after being charged by the United States Securities and Exchange Commission (SEC) for promoting illegal cryptocurrency offerings. However, this isn’t just another case of famous faces getting caught up in financial fraud.