A complaint has been filed by investors against the Sothby’s auction house and against around thirty personalities who have promoted the Bored Ape. Acquirers feel they have been cheated as the sale price of NFTs plummets.
What do Justin Bieber and Sotheby’s have in common? The NFTs Bored Ape Yach Club. A complaint has been filed in the United States against the star and the famous auction house by investors, who bought the famous NFT signs at an event organized by Sotheby’s. And today, when NFT prices are at an all-time low, buyers feel they have been cheated, reports Ars Technica.
The complaint, a class action against around 30 personalities, including Justin Bieber, Paris Hilton and Yuga Lab (the company behind the Bored Ape NFTs) was filed in December 2022 in California, but was amended on August 4 2023 to add Sotheby’s to the list of defendants. The complaint accuses Sotheby’s of having given ” an air of legitimacy to NFTs in order to generate investor interest and excitement around the Bored Ape brand “.
Bored Ape Yacht Club NFTs // Source: Bored Ape Yacht Club
Bored Ape NFTs have lost 79% of their value
The sale in question was organized in September 2021 by Sotheby’s,
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Photo credits of the image of a: Un NFT Bored Ape Yacht Club // Source: OpenSea