The Alarm Is Sounding On NFTs

ResonanceSD

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Well kids, still think NFTS & cryptocurrency are cool?
I saw a post on, well, reddit defending crypto due to the desire for [the standard shopping list of defi buzzwords] getting roundly demolished by all and sundry. Looks like people are finally waking up to the central idea of crypto: It is designed from the ground up to be a rort.
 
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BrawlMan

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I saw a post on, well, reddit defending crypto due to the desire for [the standard shopping list of defi buzzwords] getting roundly demolished by all and sundry. Looks like people are finally waking up to the central idea of crypto: It is designed from the ground up to be a rort.
How have you been? I haven't seen you in a long while sir or madam.
 
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CM156

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I saw a post on, well, reddit defending crypto due to the desire for [the standard shopping list of defi buzzwords] getting roundly demolished by all and sundry. Looks like people are finally waking up to the central idea of crypto: It is designed from the ground up to be a rort.
The best case use for most crypto is crime.
 
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ResonanceSD

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How have you been? I haven't seen you in a long while sir or madam.
Busy with life tbh. I just found out that I can't comment or live chat in the Escapist YT feeds, so stepping away from the site after a very long time it would appear.
 
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Chimpzy

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A group of investors is suing Sotheby's Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles.

The four named plaintiffs in the class action lawsuit allege that the auction house "misleadingly promoted" the NFTs and colluded with creator Yuga Labs to artificially inflate their prices.


Sotheby's is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it.

According to cryptocurrency market tracker CoinGecko, the colorful digital illustrations of apes can now be bought for as little as $52,445. As recently as May 2022, the cheapest would have cost collectors over $400,000.

In September 2021, Sotheby's sold over 100 of the NFTs to a single buyer in an online auction for more than $24 million, beating the pre-sale estimate of $12 million to $18 million.

The amended lawsuit, which was originally filed in December without naming Sotheby's as a defendant, claims the sale was "deceptive" and that the auction house had been hired by blockchain company Yuga Labs to "generate investors' interest and hype around the Bored Ape brand."
A spokesperson for Yuga Labs meanwhile said, via email: "We believe that these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis.

"As a media and technology company, Yuga Labs has empowered strong communities of enthusiasts and entrepreneurs to innovate, connect, and build. Their creativity has fostered community-driven projects that have captured the imagination of people around the world. That's the story worth telling."

The investors — a term that Yuga Labs' spokesperson rejected, instead calling them "alleged purchasers of our products" — are seeking a jury trial and have requested more than $5 million in damages.
all their apes are gone, please help
 

TheMysteriousGX

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I feel like the judge should rule against the apes, but then just have the government keep the money.

Neither side deserves a payout
 
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Cheetodust

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Constantly reminded about the time I had a catering contract in a co-working space and every tech and finance bro were so hard for NFT's and trying to sell me on it. One dude was even bragging that his 8 year old was using his pocket money to buy crypto and NFT's.

Anyway I hope the accusers get nothing. The entire world was shouting at them that it was a scam and they probably told us to enjoy being broke.
 
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XsjadoBlayde

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Multiple threads this could be appropriately dropped in, yet is but merely a vignette of their growing list of shenanigans: getting caught selling NFT scams, oopsie doodles! Scientology might not be able to push this one under the rug, eh?

 
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XsjadoBlaydette

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K this is bit of a wild turn. Author of The Big Short, Michael Lewis, is a loyal SBF defender and his latest book is openly intended to sway the courts in his ongoing trial for massive crypto fraud. Ain't human psychology a funny thing.

 
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