Prominent personalities are now facing legal challenges due to their endorsements of Bored Ape Yacht Club NFTs.
In Brief
A total of forty co-defendants have been named in the lawsuit concerning the promotion of Yuga Labs' BAYC NFTs.
Among the high-profile defendants are names like Justin Bieber, Snoop Dogg, Madonna, and several other prominent celebrities.
The class action lawsuit was filed on December 8 by attorney John T. Jasnoch from Scott+Scott, which claims that Yuga Labs utilized the influence of A-list celebrities to market their NFTs. This lawsuit proposal was initially made by Scott+Scott Attorneys back in July.
The lengthy list of co-defendants includes figures such as Jimmy Fallon, Justin Bieber, Madonna, Kevin Hart, Diplo, Steph Curry, Serena Williams, Paris Hilton, Post Malone, The Weeknd, and Gwyneth Paltrow. The lawsuit accuses these media icons of not disclosing their financial ties to Yuga Labs. According to Scott+Scott Attorneys, the firm leveraged these celebrities to artificially inflate and skew the market prices for their NFTs. Snoop Dogg The lawsuit not only identifies a plethora of musicians, actors, and athletes but also notes Amy Wu, a former board member of ApeDAO, along with MoonPay, which allegedly played a role in facilitating transactions related to Bored Ape Yacht Club NFTs. Notably, one of the co-defendants is the Hollywood talent agent Guy Oseary, who is said to have assisted in these promotions. non-fungible tokens .
The lawsuit emphasizes that the perceived exclusiveness of BAYC membership was largely reliant on the involvement and endorsements from high-profile celebrities. It argues that any genuine interest or endorsement seemed entirely orchestrated by Oseary at the request of the Executive Defendants. crypto fintech company Furthermore, in October, the U.S. Securities and Exchange Commission began a probe into Yuga Labs, citing potential violations involving the sale of unregistered securities. Yuga Labs reach out to celebrities.
The current market value of a Bored Ape NFT stands at around 70 ETH, which equates to approximately $87,290. Since its launch in April 2021, a staggering total of 696,380 ETH has been traded within this collection.
states the class action suit.
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The current floor price of BAYC NFTs Valeria works as a journalist for Metaverse Post, concentrating on fundraising, AI technology, the metaverse, digital fashion, NFTs, and everything linked to Web3.
Disclaimer
In line with the Trust Project guidelines She holds a Master's degree in Public Communications and is pursuing a second degree in International Business Management. In her leisure time, Valeria enjoys photography and fashion styling. At just 13, she launched her first fashion blog, which sparked her enthusiasm for both journalism and aesthetics.
