The collapsed crypto market took NFT art with it
The famous bored monkey NFT Bored Ape, beloved by celebrities, has dramatically lost its value. Justin Bieber was the most unlucky of all - earlier this year he bought a virtual primate for 1,3 million dollars, and today it costs only 69 thousand. It’s scary to think about the price of the most expensive monkey with rare golden fur, for which $3,4 million was paid at Sotheby’s auction in 2021.
Bored Ape is not just a picture, it is also a ticket to a real closed club with private parties and various privileges. But today, the owners of the Yuga Lab company, who created the virtual monkeys, will have to answer for their project in court before the NFT owners.
The class action lawsuit alleges that stakeholders at Yuga Labs conspired with celebrities to defraud potential investors. Among the 37 defendants are Gwyneth Paltrow, Madonna, Jimmy Fallon, Justin Bieber, Serena Williams, Snoop Dogg, and Paris Hilton. The plaintiffs allege that Bored Ape's promotion through social media and celebrities resulted in inflated and misrepresented values of the NFTs. They are also confident that the scheme for selling celebrity monkeys was specific and even included barter - host Jimmy Fallon received his picture immediately after the Bored Ape artist visited his show.
I wonder how the trial will end. For me, this is all, of course, a soap bubble that was bound to burst sooner or later.
Author: Yunia Pugacheva
