Bored Ape Yacht Club NFT is now facing a significant class action lawsuit against its name, alongside its parent company, Yuga Labs. The plaintiffs see a charge for allegedly pumping its prices through the use of public promotion from known names. Its case also involved famous Hollywood personalities and celebrities that were allegedly part of this “scam” against investors.
Celebrities including Jimmy Fallon, Paris Hilton, Kevin Hart, Justin Bieber, Snoop Dogg, Madonna, and others names also see the charge from affected individuals.
Bored Ape NFT: Class Action Lawsuit for its Deceptive Actions
(Photo : Mario Tama/Getty Images)
A class-action lawsuit is now looming over Bored Ape Yacht Club and Yuga Labs’ heads, but they are not the only ones facing charges in the public’s complaint against them.
The case comes from the camp of Adonis Real and Adam Titcher on behalf of the significant number of people claiming to have been affected by the token’s deceptive practices.
Allegedly, Yuga Labs have been using significant names and “scheming” with these celebrities to help boost its prices in the market, one that helps its token’s prices sell more to the public.
The victims claim that due to this tactic, the tokens saw a massive boost in prices and leading to a more expensive price tag than what it originally is.
Celebrities Also Face the Fire in Bored Ape’s Lawsuit
According to Mashable, dozens of celebrities also face the charges against Bored Ape and Yuga Labs, especially with their hands in boosting its significance in the market, a deception to its buyers.
Among those included in this case are Guy Oseary, Gwyneth Paltrow, Post Malone, Stephen Curry, Serena Williams, and more.
The plaintiffs expect at least $5 million each for themselves and those involved in the case against Bored Ape.
Bored Ape NFT and its Massive Rise to Fame
Back in 2021, there was a significant rise in the blockchain industry regarding a new experience in the world, and it is through NFT’s significance that the tokens gained massive fame.
One of the top NFTs which emerged to fame and went through most known celebrities’ mentions was Bored Ape from Yuga Labs.
It once was able to pass initial predictions for how much its tokens would sell on the market, with one seeing $6 million more on its price tag, and sold for $24 million.
One of the most notable things with Bored Ape Yacht Club is the significant promotion and mentions from celebrities, with known personalities talking about Yuga Labs’ tokens on many platforms. Due to this, Bored Ape’s growth is one of the most prolific in the industry-with the company crashing the entire Ethereum blockchain on its “largest mint” log.
Despite its initial rise to fame, there have been problems that the company and its investors are facing now, and it is the fame and value of the NFT dying down and seeing significant deflation to its prices. The company, the personalities known for its public promotion, and everyone involved is now facing court charges for its downfall, not what they had hoped for the token.