LOUSY Deal: Bored Ape NFT Owners Sue

"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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[NNight-uhkt]

The mystery to me is how people thought these were going to increase in value when they could just make more of them. Picasso paintings are more valuable because there are no more being produced. The whole NFT debacle will make for some great documentaries.

[kernelkorn]

Rich people whining about getting ripped off always makes my day

[gilcori]

This is a story of entitlement. A bunch of entitled folks thought they were entitled to make a lot of money from basically nothing. Now that they find out their nothing is worth nothing, they feel they're entitled to sue the auction house to get their money back. They cannot imagine that their actions have negative consequences for them. I have to say, as someone who lives in reality, I saw NFTs, and thought, "Who would be gullible enough to buy those?" this story is a bit cathartic.

[Noitek]

The "investors" in these moronic NFTs absolutely knew they were buying pure worthless junk when they "invested" them. They just didn't think they'd be the sucker left holding the bag when the music stopped. That's why they're pissed.

[coopzilla]

You can't sue someone because you made a stupid investment. It's funny that they got scammed by NFTs, and now, they're getting scammed by their LAWYERS.

[americanidle]

NFTs are worthless and absurd. Anyone buying them deserves to lose their money.

[SPMask]

I knew NFTs were going down hill the moment a lot of idiots were buying awful looking art with no talent behind it.

[censusgary]

Sorry, bros, but if you pay a big sum of money for a doodle of an ape, and then nobody wants to buy it from you, you’re on your own.

[SgtJoeSmith]

they didnt lose value. they never had value to begin with

[tubewatcher]

Greedy people with more money than sense should take responsibility for their own stupidity instead of shifting blame and trying for a payday.

[davidfrancis]

It takes a special kind of privilege to demand a refund on a bad investment

[weinerdad]

I'm suing you because nobody cares about my Pet Rock anymore, or my Beanie Babies, or Cabbage Patch Kids, Tickle Me Elmos and Furbies. I was deceived into paying an enormous amount for these useless things, because I believed that they had lots of value. It's your fault that I made bad choices and ignored the rational people who said these were stupid wastes of money and not real "investments."

[akidodogstar]

Buy physical art from local artists, it is usually not that expensive and you will own a physical asset.

[ErikDJ]

Fools and their money... nobody to blame but themselves.

[manuelplatino]

It gets to the point when a celebrity promoting anything online, it is certainly either an MLM or a pump and dump scam

[lawrencemckeon]

NFT apes dropping in value? Who could have ever seen that coming?

[k-matsu]

"There aint no law against taking money from people who are too dumb to spend it wisely, and happy to buy whatever youre selling."

[mrbamfo]

I thought these guys were supposed to be "informed" investors. Who'd spend a bunch of money, for a picture online?

[AlmostFamousFrodo]

This is how a lot of fine art is bought and sold. It’s inflated through the galleries this exact same way. Gift them to celebrities and it increases the value. Simple formula that has existed for ages.

[timothyletwin]

What a surprise. They bought nothing and it turned out to be valued at nothing.