Lawsuit: Sotheby’s $24M sale to FTX gave Bored Ape NFTs “an air of legitimacy.”
It’s hella malicious, but I sincerely hope this lawsuit gets tossed or these people lose if it goes through.
Those people played the bag holding lottery and lost hard. They were not scammed because they chose to listen to all the shills instead of doing their DD on a financial decision that they knew next to nothing about. If they did, then they would know NFT art and crypto is pretty much all hype with no intrinsic or physical value to actually back those things.
The defense will probably be pointing out that a lot of people chose not to buy…
For a moment, I was thinking that it’s easy to criticize NFTs with the benefit of hindsight. After all, throughout history, how many things were looked at as a fad or a waste of money before becoming huge?
Then I remembered that people weren’t just griping about NFTs because they were new and different. Reasonable people had been making rational, educated criticisms of NFTs since day one. None of this was unexpected. NFTs turned out to be exactly the kind of scam that most people thought they were.
