{"id":169966,"date":"2023-08-18T15:26:23","date_gmt":"2023-08-18T20:26:23","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2023\/08\/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment"},"modified":"2023-08-18T15:26:23","modified_gmt":"2023-08-18T20:26:23","slug":"buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2023\/08\/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment","title":{"rendered":"Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment.jpg\"><\/a><\/p>\n<p>The Sotheby\u2019s 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\u2019s auction duped investors by giving the Bored Ape NFTs \u201can air of legitimacy\u2026 to generate investors\u2019 interest and hype around the Bored Ape brand,\u201d the class-action lawsuit claims.<\/p>\n<p>The boost to Bored Ape NFT prices provided by the auction \u201cwas rooted in deception,\u201d said the lawsuit filed in US District Court for the Central District of California. It wasn\u2019t revealed at the time of the auction that the buyer was the now-disgraced FTX, the lawsuit said.<\/p>\n<p>\u201cSotheby\u2019s representations that the undisclosed buyer was a \u2018traditional\u2019 collector had misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience,\u201d the lawsuit claimed. Lawsuit plaintiffs say that harmed investors bought the NFTs \u201cwith a reasonable expectation of profit from owning them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Sotheby\u2019s 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\u2019s auction duped investors by giving the Bored Ape NFTs \u201can air of legitimacy\u2026 to generate investors\u2019 interest [\u2026]<\/p>\n","protected":false},"author":556,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3818],"tags":[],"class_list":["post-169966","post","type-post","status-publish","format-standard","hentry","category-blockchains"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/169966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/556"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=169966"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/169966\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=169966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=169966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=169966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}