Nfts
Dolce & Gabbana faces lawsuit over 97% loss on Metaverse NFTs
A client has filed a lawsuit against an Italian fashion brand, Dolce & Gabbana, for improper handling of non-fungible tokens (NFTs). He criticized these NFTs, sold with certain advantages, for having lost 97% of their value due to delays and broken promises.
The lawsuit, filed in Manhattan federal court on May 16, alleged the delay in the delivery of NFTs and associated benefits led to a significant drop in their value and losses.
According to court documents, NFTs were marketed as providing owners with digital and physical benefits, tradable on the Ethereum blockchain. The person who filed the complaint, Luke Brown, claims the digital items were delivered 20 days late and could only be used on a metaverse platform with very few users.
Additionally, it took an additional 11 days before the items could be used because the required approvals from the Metaverse platform were not obtained in advance.
Brown, who alleges a loss of $5,800, seeks to represent a proposed class of consumers who purchased under this NFT initiative. The complaint accuses Dolce & Gabbana of systematically failing to keep its promises to the community. This lawsuit highlights ongoing concerns about accountability and execution of digital asset projects in the fashion industry.
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