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Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment

⁨449⁩ ⁨likes⁩

Submitted ⁨⁨1⁩ ⁨year⁩ ago⁩ by ⁨merridew@feddit.uk⁩ to ⁨technology@lemmy.world⁩

https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment/

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Comments

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  • heartlessevil@lemmy.one ⁨1⁩ ⁨year⁩ ago

    This is so funny. The entire point of cryptocurrency was to be an irreversible, untraceable currency. Now these dipshits are sueing over losses? I don’t know if they are severely mistaken or severely angry. You are not getting that back. Neither do you deserve to. You knew what you were doing.

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    • glad_cat@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago

      The first step is “Fuck the government!” The second step is always “Help me, Obi Wan Government, you’re my only hope!”

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      • Womble@lemmy.world ⁨1⁩ ⁨year⁩ ago

        I deserve help from the government as I’ve done everything right and just been unfortunate. Its everyone else who have got into trouble entirely through their own doing that don’t deserve help.

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    • Z4rK@lemmy.world ⁨1⁩ ⁨year⁩ ago

      When was cryptocurrency meant to be untraceable? It literally had the complete ledger out in the public.

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      • bob_wiley@lemmy.world ⁨1⁩ ⁨year⁩ ago
        [deleted]
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    • DarkWasp@lemmy.world ⁨1⁩ ⁨year⁩ ago

      They just seem really upset that the scam/grift/MLM didn’t work out in their favour and they’re the ones taking the loss.

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    • JeffCraig@citizensgaming.com ⁨1⁩ ⁨year⁩ ago

      I don’t really agree with this sentiment.

      Are they dipshits?

      Yes

      Should Sothebys lose all credibility and be fined for faking an auction?

      Also yes.

      This crosses certain lines that are beyond just: huuuur crypto dumb

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    • assassinatedbyCIA@lemmy.world ⁨1⁩ ⁨year⁩ ago

      They are just severely greedy. They have no other ideology.

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  • Cabrio@lemmy.world ⁨1⁩ ⁨year⁩ ago

    It’s hard to feel sorry for anyone who fell for a very obvious art grift. Even harder to be sorry for those caught grifting.

    Even a cursory understanding of value would have told these people that pretty looking receipts are a piss poor investment, but no, they were convinced that NFT’s (a tech they obviously knew nothing about) held intrinsic value despite having nothing of value backing them.

    Everyone caught up in the NFT art grift did so because they thought they could make a quick buck being ahead of the wave of the next big pump and dump like crypto and got fucked by their hubris. The grifter’s meanwhile were out here selling them graffiti’d up CVS receipts and saying they were worth the Mona Lisa.

    The result? A perfectly valid and valuable technology has been completely disregarded by the public because 90% of people were too stupid to think before they bought into a tech they didn’t understand and they all lost money to grifters. Worlds most widespread art grift and everyone was played a fool, and a valuable tech has been discredited, misunderstood, and shunned.

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    • LupertEverett@lemmy.world ⁨1⁩ ⁨year⁩ ago

      The result? A perfectly valid and valuable technology has been completely disregarded by the public

      No. Stop. If blockchain, nfts, etc. had actual merit over what we already have rn, they would be used everywhere. But ever since the inception of the og blockchain, they do not. Because there is not a single actual use case of them that isn’t already done (and done better) by other tech.

      So stop this “oh it was good, just misunderstood” nonsense. It was never good, and never will be.

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      • Cabrio@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Is your o ly argument “wah, wah, wah, no!” because it’s not very convincing.

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  • fubo@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Neither side of this looks good for crypto bros.

    One side says, “This was a ripoff; you knew it was a ripoff when you sold it to us.”

    The other side says, “This was a stunt; you knew it was a stunt when you bought in.”

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    • drolex@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

      “Yes your Honour, I knew it was a pyramid scheme. But I never thought I would be the last buyer. I always thought there would be another dumbass to buy it from me at a higher price, otherwise I wouldn’t have bought it in he first place. I’m not stupid, unlike those last buyers!

      Moreover, your Honour, on a technical note, this is not a monkey. You see, a monkey is different from a monke, and both…”

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    • 30mag@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Idiots losing money by speculating in a volatile market they know nothing about is not unique to crypto.

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      • fubo@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Sure, but when the very existence of the market depends on idiots losing money, we call that “fraud”.

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  • treadful@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.

    The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges. Ethereum blockchain transaction data shows that after the auction, “Sotheby’s transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX,” the complaint said. Speculation that FTX was the buyer had been percolating since at least January 2023.

    So basically, they’re alleging Sotheby’s, Yuga, and FTX staged the auction to pump the price. Bold claim, curious how this will play out.

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    • greavous@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Isn’t pumping the price kinda the job of sotherbys/auctions?

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    • AphoticDev@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

      I mean, they do have them on record lying about it, so not that bold.

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  • chicken@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

    The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.

    The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.

    I don’t think it’s fair to pin this all on people who got duped. Calling FTX, a company now known for throwing around large sums of stolen money to pump up the brand, bribe government officials, and fix prices, a “traditional collector”, is beyond misleading.

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  • tlit341569@discuss.online ⁨1⁩ ⁨year⁩ ago

    lmao even they can never be a true investor

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  • btaf45@lemmy.world ⁨1⁩ ⁨year⁩ ago

    [Bored Ape NFTs can now be purchased for just $50,000 each.]

    You can also buy my special doodles for $12 million each.

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    • bob_wiley@lemmy.world ⁨1⁩ ⁨year⁩ ago
      [deleted]
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      • MimicJar@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        Oh it’s even stupider than that.

        In most cases it’s, A. Just a link which happens to be a jpg. Which means it the website wants to change the jpg they can or if the website goes down it points nowhere.

        Or B. Just a hash, which might supposed to be a unique representation of a specific image, but really is just a string of characters, so different sites might disagree what that image is.

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    • Arotrios@kbin.social ⁨1⁩ ⁨year⁩ ago

      I'm looking for a rendition of the Sistine Chapel with God as Danny Devito and Christopher Lloyd as Adam, like it was in the Taxi days, ideally done in oils. All I've got is a buck, but my social account has followers. If I post it, you'll get exposure. What can you do for me?

      NFT's were actually a very clever plot put together by us starving artists to combat the hordes of choosing beggars that infest the internet. We all knew it was a scam, just like limited edition glichee prints, but there hasn't been a time in history when artists made enough money not to have to scam folks to survive, so we figured we were more than justified taking the tech-bros for a ride.

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    • Moobythegoldensock@lemm.ee ⁨1⁩ ⁨year⁩ ago

      What kind of idiot do you think I am?

      I won’t pay a penny more than $10 million.

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  • RoyalEngineering@lemmy.world ⁨1⁩ ⁨year⁩ ago

    All of this NFT art is so ugly. If it was unique in a visually pleasing way—okay buy it. But to me, all of these images just look basically the same but with a new background or accessory.

    Are there any actually good looking NFT series?

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    • citrusface@lemmy.world ⁨1⁩ ⁨year⁩ ago

      I did the nft thing. I’m in the black. I tell people not to get into nfts… And if you do only do it for the art, not to make money. There are plenty of dead or free NFTs out there that cost you nothing.

      There are some really cool small projects out there with really interesting art… However, the mainstream only sees these fugly PFPs and all of the genuinely interesting stuff is buried because crypto bros don’t pump it.

      A project I find interesting is “Loot” - it has its own ecosphere - it’s a just a series of inventory lists, but it serves as a background for other projects to build on. It’s not that the art is good - it’s literally white text on a black background - but the concept is interesting. Banners, Loot Explorers, Abstract loot are 3 projects I can think ff off hand

      And before you call come in and say “well I could do that” - yeah you could, but you didn’t.

      NFTs as they were presented are bullshit. I think there are more problems than solutions, however, I have seen some of the coolest digital art in this space.

      If you want to chat more about the art side of things, hmu. I’m not interested in talking about eth or bitcoin or cryptocurrency - but I can help you find cool interesting projects that are working to try new things other than dumb looking monkeys.

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  • alphacyberranger@lemmy.world ⁨1⁩ ⁨year⁩ ago

    What a bunch a dumb apes

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  • carl_dungeon@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Hahahahahaha

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  • expatriado@lemmy.world ⁨1⁩ ⁨year⁩ ago

    i don’t think you can sue for buying the losing ticket of crypto gambling

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  • rob_t_firefly@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Poor Ape Rot Club.

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  • autotldr@lemmings.world [bot] ⁨1⁩ ⁨year⁩ ago

    This is the best summary I could come up with:

    The Sotheby’s 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.

    “Sotheby’s representations that the undisclosed buyer was a ‘traditional’ collector had misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience,” the lawsuit claimed.

    Investors previously sued Bored Ape creator Yuga Labs, four company executives, and various celebrity promoters including Paris Hilton, Gwyneth Paltrow, Kevin Hart, Snoop Dogg, Serena Williams, Madonna, Jimmy Fallon, Steph Curry, and Justin Bieber.

    The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.

    Ethereum blockchain transaction data shows that after the auction, “Sotheby’s transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX,” the complaint said.

    “While the Executive Defendants made hundreds of millions of dollars, investors were left with NFTs worth a fraction of their artificially inflated value,” the original version of the complaint in December said.

    I’m a bot and I’m open source!

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  • RanchOnPancakes@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Whaaaaaaaaaat? Who could have possibly have seen this coming??

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  • gcheliotis@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Some schadenfreude is definitely warranted, but the lawsuit may have merit.

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  • stink_pickle@lemmy.world ⁨1⁩ ⁨year⁩ ago

    i love crypto… I’ve always asked what the calculations are searching for from the myriad of cpu & gpu’s… and no one has really ever given me a straight answer for why it has value.

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  • eran_morad@lemmy.world ⁨1⁩ ⁨year⁩ ago

    A fool and his money…

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  • DarkThoughts@kbin.social ⁨1⁩ ⁨year⁩ ago

    Yeah. They really should've bought the lion!

    Seriously though. This was so obvious right from the start. I can't believe how gullible and naive people are.

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