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 mishandling non-fungible tokens (NFTs). He blamed these NFTs, which were sold with certain benefits, for losing 97% of their value due to delays and unfulfilled promises.
The lawsuit, filed in Manhattan federal court on May 16, accused NFTs and associated benefits of delays in delivery, which resulted in a significant drop in their value and losses.
According to court documents, NFTs were marketed as providing owners with digital, physical and tradable advantages on the Ethereum blockchain. The person who filed the lawsuit, Luke Brown, says the digital items were delivered 20 days late and could only be used on a metaverse platform with very few users.
Additionally, it took another 11 days for the items to be usable, as the necessary approvals from the metaverse platform were not obtained in advance.
Brown, who claims a loss of $5,800, is seeking to represent a proposed class of consumers who purchased from this NFT initiative. The complaint accuses Dolce & Gabbana of consistently failing to deliver on its promises to the community. Their lawsuit highlights ongoing concerns about the accountability and execution of digital asset projects in the fashion industry.
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