Buyers of NFT of the series Bored Ape Yacht Club they sued the auction house Sotheby for selling them. The series’ owners, who filed a class action lawsuit, regretted their purchases after their value plummeted within months and now accuse the sellers of inflating prices in 2021, the year NFTs were sold. presented as the future.
According to the lawsuit, Sotheby’s deceived investors by giving NFTs “an aura of legitimacy … to generate investor interest and excitement around the Bored Ape brand.” The same price increase would have been part of the deception and at the time of the auction it was not indicated that the buyer was the now discredited FTX platform.
Digital bricks
Someone really believed that these monkeys were worth more than $240,000 each
According to the indictment, Sotheby’s presented the buyer as a traditional collector, misleadingly creating “the impression that the NFT market of the BAYC had gone beyond its borders and reached a wider audience”. The plaintiffs then bought them expecting to be able to make a profit.
L’to stay in question took place in 2021 and raised $24.4 million for 101 Bored Ape NFTs. The average price of each was then $241,000, but they currently have a value of around $50,000 in ether cryptocurrency.
They had previously been sued too Yuga Labsthe producer of the Bored Ape series, as well as who had promoted it: Paris Hilton, Gwyneth Paltrow, Kevin Hart, Snoop Dogg, Serena Williams, Madonna, Jimmy Fallon, Steph Curry and Justin Bieber.
2023-08-19 20:00:00
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