BAYC NFT prices tank after Bored Ape investors sue Sotheby’s, Yuga Labs, Adidas, Justin Bieber and Paris Hilton ...Middle East

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BAYC NFT prices tank after Bored Ape investors sue Sotheby’s, Yuga Labs, Adidas, Justin Bieber and Paris Hilton
source : Jing Daily ( Middle East ) () 27
What Happened: The Bored Ape Yacht Club NFTs’ floor price sank 18 percent to 23.228 ETH (approx $38718.99) today, following news that auction house Sotheby’s is the latest business to find itself embroiled in a class-action lawsuit filed by four investors in the digital assets against the project’s creator and parent company, Yuga Labs. The plaintiffs are reportedly seeking a jury trial and more than $5 million in damages. According to news outlets, the plaintiffs accused Sotheby’s of “misleadingly promoting” the project and conspiring with Yuga Labs to artificially inflate the prices of the BAYC NFTs. Since the project’s launch, some 10,000 NFTs representing cartoon-like primates have been

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