Justin Bieber, Madonna and other Hollywood celebs are facing lawsuit for promoting these NFTs – Times of India
Justin Bieber, Madonna, Kevin Hart, and Jimmy Fallon are among various celebrities that are now facing a class action lawsuit for promoting Yuga Labs Inc., commonly known for its Bored Ape Yacht Club (BAYC) NFT collection. The celebrities have been accused of unrealistically hyping up the value of the NFTs.
As per a report by Deadline, a class action complaint was filed on Thursday (December 8) on behalf of plaintiffs Adam Titcher and Adonis Real with the United States Central District Court of California, Western Division. The lawsuit also mentions basketball player Stephen Curry, Paris Hilton, Serena Williams, DJ Khaled, Gwyneth Paltrow, and more for hidden payoffs.
‘Misleading promotions’
Celebrities have been blamed for increasing the price of NFTs. “The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices,” the lawsuit said.
The plaintiffs demand a jury trial requesting damages for anyone who suffered financial losses by purchasing Yuga’s NFTs or Yuga’s cryptocurrency, ApeCoin, starting from April 23rd, 2021.
As per a report by Deadline, a class action complaint was filed on Thursday (December 8) on behalf of plaintiffs Adam Titcher and Adonis Real with the United States Central District Court of California, Western Division. The lawsuit also mentions basketball player Stephen Curry, Paris Hilton, Serena Williams, DJ Khaled, Gwyneth Paltrow, and more for hidden payoffs.
‘Misleading promotions’
Celebrities have been blamed for increasing the price of NFTs. “The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices,” the lawsuit said.
The plaintiffs demand a jury trial requesting damages for anyone who suffered financial losses by purchasing Yuga’s NFTs or Yuga’s cryptocurrency, ApeCoin, starting from April 23rd, 2021.
What is an NFT
An NFT is a one-of-a-kind digital collectible that can’t be replaced. These virtual tokens can be songs, movies, artworks, photographs, social media posts, GIFs and anything else that can be stored digitally. An NFT is data stored on a digital ledger, called blockchain, and most of the NFTs are a part of Ethereum blockchain. Ethereum is a cryptocurrency just like Bitcoin. BAYC is a collection of 10,000 unique Bored Ape NFTs. They are also available on Ethereum blockchain.
Earlier this year, Larry David, Tom Brady, Gisele Bundchen and Curry were sued for using their star power to pitch now collapsed cryptocurrency firm FTX.
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