oliver clotheshoffe
Regular Member
Posts : 1723
Join date : 2019-02-04
Age : 64
 | | Subject: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Sat Aug 19, 2023 12:21 pm | |
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A group of investors is suing Sotheby’s Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles.
The four named plaintiffs in the class action lawsuit allege that the auction house “misleadingly promoted” the NFTs and colluded with creator Yuga Labs to artificially inflate their prices.
Sotheby’s is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it.
According to cryptocurrency market tracker CoinGecko, the colorful digital illustrations of apes can now be bought for as little as $52,445. As recently as May 2022, the cheapest would have cost collectors over $400,000.
In September 2021, Sotheby’s sold over 100 of the NFTs to a single buyer in an online auction for more than $24 million, beating the pre-sale estimate of $12 million to $18 million.
The amended lawsuit, which was originally filed in December without naming Sotheby’s as a defendant, claims the sale was “deceptive” and that the auction house had been hired by blockchain company Yuga Labs to “generate investors’ interest and hype around the Bored Ape brand.”
The investors — a term that Yuga Labs’ spokesperson rejected, instead calling them “alleged purchasers of our products” — are seeking a jury trial and have requested more than $5 million in damages.https://www.azfamily.com/2023/08/19/bored-apes-investors-sue-sothebys-paris-hilton-others-nft-prices-collapse/ |
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The Wise And Powerful
Admin
Posts : 111040
Join date : 2014-07-29
Age : 100
Location : A Mile High
| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Sat Aug 19, 2023 7:08 pm | |
| "Bored Apes"...  |
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Rancid2
Regular Member
Posts : 89
Join date : 2021-10-28
| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Wed Aug 30, 2023 4:55 pm | |
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oliver clotheshoffe
Regular Member
Posts : 1723
Join date : 2019-02-04
Age : 64
| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Thu Sep 28, 2023 9:20 am | |
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The Wise And Powerful
Admin
Posts : 111040
Join date : 2014-07-29
Age : 100
Location : A Mile High
| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Thu Sep 28, 2023 9:25 am | |
| Did it ever really start??? |
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oliver clotheshoffe
Regular Member
Posts : 1723
Join date : 2019-02-04
Age : 64
| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse Thu Sep 28, 2023 1:18 pm | |
| - The Wise And Powerful wrote:
- Did it ever really start???
Yeah it started up but didn't last long, just like any Ponzi scheme. You start it up, lure in the suckers, cash out and disappear.
How you could 'own' an image on the internet when anyone can right-click and save it is beyond me.NFT - No Fucking Tangibility! |
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| | Subject: Re: ‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse | |
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