The NFT (non-fungible token) bubble seems to have completely burst as quickly as it inflated. And while virtual art valuations are in free fall, lawsuits are starting to pour in, like the one being promoted by some investors against Sotheby’s for selling the Bored Monkey Yacht Club (BAYC) NFT. .
BAYC is a collection of 10,000 bored monkey NFTs, unique digital collectibles hosted on the Ethereum blockchain. Each “boring monkey” is unique and crafted from over 170 possible traits, including facial expressions, headwear, clothing, and more. According to CNN, the plaintiffs accuse the auction house of “fraudulent advertising” of digital works of art and of artificially inflating their prices in collusion with the company that created them, Yuga Labs.
The lawsuit also involves figures such as Justin Bieber and Serena Williams, who in turn are accused of promoting the NFT collection without disclosing any financial interests. The investor group’s claim is at least $5 million.
(Photo source: Instagram @boredapeyachtclub)
Tags: NFT, Bored Monkey NFT