this post was submitted on 17 Aug 2023
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Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment (arstechnica.com)
submitted 1 year ago by bradboimler@kbin.social to c/tech@kbin.social
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Lawsuit: Sotheby's $24M sale to FTX gave Bored Ape NFTs "an air of legitimacy."

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[–] sugar_in_your_tea@sh.itjust.works 3 points 1 year ago

I think this hinges on whether Sotheby knew FTX was the buyer and intentionally misrepresented that fact, and that sounds likely.

That said:

That's an average [sale] price of over $241,000, but Bored Ape NFTs now sell for a floor price of about $50,000 worth of ether cryptocrurrency

...

It peaked at over $420,000 in April 2022 but plummeted to about $90,000 six weeks later

I think that's actually pretty hilarious. So the price started inflated, hype ramped it up to almost double after the auction, then it crashed ~80% over a few weeks, and now it's almost half that crashed price. Why are they still worth ~$50k?

Screw everyone involved. I hope it's a long, expensive lawsuit for everyone.