NFTs

Dolce & Gabbana Hits Lawsuit Over Metaverse Clothing NFTs

Published

2 months ago

17 May, 2024

Dolce & Gabbana Hit With Lawsuit Over Metaverse Outfit NFTs

Last updated: May 17, 2024 01:09 EDT | 1 minute reading

A customer sued Dolce & Gabbana USA on Thursday, claiming the NFTs they purchased lost 97% in value due to the company’s botched delivery.

Bloomberg reported Friday that the Italian brand sold the NFTs on Ethereum, promising “a series of digital, physical and experiential benefits”. Reportedly, it told consumers that purchasing their DGFamily NFTs would unlock access to various digital rewards, physical products, and exclusive events.

The lawsuit further alleges that Dolce & Gabbana failed to deliver the NFTs and promised benefits on time. The digital costumes, which arrived 20 days late, “could only be used on a metaverse platform with almost no users.”

Dolce & Gabbana Allegedly Scammed NFT Buyers With Unwearable Digital Fashion

Even after the delayed arrival, token holders would have waited another 11 days before being able to use them. According to the complaint, Dolce & Gabbana had not obtained prior approval of the metaverse platform.

“Their standard operating procedure has been to promise products they fail to deliver, before abandoning a project and community they promised to support,” the complaint said.

Luke Brown, the plaintiff, claims he lost $5,800 on the NFTs he purchased. Brown said he is suing on behalf of other people who purchased digital assets from this NFT project. His process also targets the NFT market UNXDmaking him a party to the lawsuit.

NFT market growth slows in 2024

The NFT market has shown signs of growth so far in 2024. Estimates suggest a 41% increase in market value compared to 2023. However, this is a significant slowdown compared to the explosive growth of previous years.

Some high profile sales such as CryptoPunk 3100 raised $16 million in March. But the general trend points to a decline in the value of many NFTs.

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NFTs

Non-Fungible Items; Picking Up Where NFTs Left Off — COZ Co-Founder Tyler Adams – Op-Ed Bitcoin News

Published

8 mins ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiZmh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9ub24tZnVuZ2libGUtaXRlbXMtcGlja2luZy11cC13aGVyZS1uZnRzLWxlZnQtb2ZmLWNvei1jby1mb3VuZGVy LXR5b GVyLWFkYW1zL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

Fuente

NFTs

https://news.google.com/./articles/CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4NtIBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4 Ni5hbXA?hl=en-US&gl=US&ceid=US%3Aen

Published

1 hour ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4NtIBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4 Ni5hbXA?hl=en-US&gl=US&ceid=US%3Aen

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NFTs

AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

Published

2 hours ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiVGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9haS1wb3dlcmVkLWRpc2NvdmVyeS1uZXR3b3JrLWZvci1uZnRzLWxhdW5jaGVzLXB1bHNyLXRva2VuL9IBAA?hl= en -US&gl=US&ceid=US%3Aen

Fuente

NFTs

Solana Monkey Business Leads NFT Sales with $875,91K

Published

5 hours ago

26 July, 2024

TokenTalk Staff

Solana Monkey Business Leads NFT Sales with $875,91K

Floptober NFT from above

Image: AI-generated via Midjourney

Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.

The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.

This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.

The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.

The second best performing collection of the day was gETH Locked Deposit.

This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.

The asset was brother-in-law just moments before the transfer is made.

In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.

The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.

Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.

While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.

Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.

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