Bored Ape NFT buyers said they were led to believe the digital apes were more mainstream and popular than they actually were. Cenk Uygur and Ana Kasparian discuss on The Young Turks. https://shoptyt.com/collections/justice-is-coming
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Read more HERE: https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment/
“The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021. A Sotheby’s auction duped investors by giving the Bored Ape NFTs “an air of legitimacy… to generate investors’ interest and hype around the Bored Ape brand,” the class-action lawsuit claims.
The boost to Bored Ape NFT prices provided by the auction “was rooted in deception,” said the lawsuit filed in US District Court for the Central District of California. It wasn’t revealed at the time of the auction that the buyer was the now-disgraced FTX, the lawsuit said.”
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