this post was submitted on 17 Aug 2023
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Leopards Ate My Face

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Purchasers of worthless digital monkeys sue worthless digital monkey auction house after realizing that worthless digital monkeys are worthless (arstechnica.com)
submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]
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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.

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[–] [email protected] 19 points 2 years ago

GEE, WHO THE FUCK COULD'VE FORESEEN SUCH TURN OF EVENTS, HUH??? If only there were people that realized very early on that NFTs were absolutely pointless, right?

Sarcasm aside, even being the USA, I doubt there's any law that criminalizes shit investments. Despite everything, NFTs and cryptocoins themselves still aren't legally considered scams, so investing in them and losing money due to their price fluctuations aren't crimes.

Yuga colluded with fine arts broker, Defendant Sotheby's, to run a deceptive auction.

Isn't that the modus operandi of art auctions in general? There's always at least one or two fellas doing everything in their power to pump up prices of certain pieces or specific artists, since they have big collections.

Sotheby's Metaverse, an NFT trading platform opened after the auction, "operated (or attempted to operate) as an unregistered broker of securities."

Ooohh, now that could be interesting, though I highly doubt they'll get more than a slap on the wrist, if it gets that far.