Buyers NFTs of the series Bored Ape Yacht Club sued the auction house Sotheby’s Series owners who filed a class action for selling them regretted what they did after their value plummeted within months, and are now accusing sellers of inflating future offered prices in 2021, the year the NFTs were sold.
According to the lawsuit, Sotheby’s deceived investors by giving NFTs “an air of legitimacy … to arouse investor interest and excitement around the Bored Ape brand.” The same price increase could have been part of the deception, and it was not specified at the time of the auction that the buyer was the now discredited FTX platform.
According to the indictment, Sotheby’s misrepresented the buyer as a traditional collector, “influencing the NFT market”. MR extension exceeded its limits and reached a wider audience”. Plaintiffs later bought them in hopes of making a profit.
L’Auction The aforementioned took place in 2021 and raised $24.4 million for its 101 Bored Ape NFT. The average price of each was $241,000 at the time, but they are currently valued at around $50,000 in ether cryptocurrency.
have been sued before Yuga LaboratoriesThe Bored Ape series is produced and promoted by Paris Hilton, Gwyneth Paltrow, Kevin Hart, Snoop Dogg, Serena Williams, Madonna, Jimmy Fallon, Steph Curry and Justin Bieber.