Lil Yachty Settles Lawsuit With NFT Platform That Raised $6.5M In Venture Capital Funds Using His Likeness

As AfroTech previously told you in 2022, Lil Yachty filed a trademark infringement lawsuit against artist-focused NFT platform Opulous for allegedly “maliciously” using his name and likeness to secure monetary gains.

The rapper learned Opulous raised $6.5 million in venture capital funds after it released “exclusive launch content,” from artists such as Lil Yachty and Kyle, through a partnership with Binance NFT Marketplace.

Both artists dropped NFTs on Binance’s crypto exchange.

In spite of the series’ success on Opulous, Yachty did not reap the financial benefits of it.

Yachty’s only contact with Opulous is believed to be conference calls with Opulous’ founder Lee James Parsons. These calls allegedly did not mention an agreement or deal, per Rolling Stone. Yet, the NFT company pushed forward with the series and allegedly used the rapper’s photos for marketing purposes.

“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 read, according to Rolling Stone.

As of April 11, the lawsuit has reportedly been settled, according to court documents obtained by the outlet. Although the exact terms of the settlement was not disclosed, it was mentioned that the involved parties were given a 45-day period “to confirm the settlement in writing and file a dismissal of the action.”