It was a great investment for the people on the top of the pyramid. So it worked as it was supposed to. Suck it up and learn your lesson, idiots. It wasn’t for lack of warning.
So the idea is that because FTX and Yuga Labs were all mixed up in each other's business, and because FTX was secretly the buyer of the Bored Apes, then functionally this was a giant wash trade, one step removed. A sham auction whose purpose was to blow up the price of NFTs, and Sotheby is supposed to be culpable because they participated in the sham and lent it legitimacy with their reputation.
That seems like a pretty legit complaint.
I mean, I have no sympathy for the people who got fucked buying NFTs but I have even less sympathy for the people who did the fucking, so absolutely let this lawsuit happen and let them burn.
I think this hinges on whether Sotheby knew FTX was the buyer and intentionally misrepresented that fact, and that sounds likely.
That said:
That’s an average [sale] price of over $241,000, but Bored Ape NFTs now sell for a floor price of about $50,000 worth of ether cryptocrurrency
…
It peaked at over $420,000 in April 2022 but plummeted to about $90,000 six weeks later
I think that’s actually pretty hilarious. So the price started inflated, hype ramped it up to almost double after the auction, then it crashed ~80% over a few weeks, and now it’s almost half that crashed price. Why are they still worth ~$50k?
Screw everyone involved. I hope it’s a long, expensive lawsuit for everyone.
For a moment, I was thinking that it’s easy to criticize NFTs with the benefit of hindsight. After all, throughout history, how many things were looked at as a fad or a waste of money before becoming huge?
Then I remembered that people weren’t just griping about NFTs because they were new and different. Reasonable people had been making rational, educated criticisms of NFTs since day one. None of this was unexpected. NFTs turned out to be exactly the kind of scam that most people thought they were.
NFT's expand digital property rights and allow direct ownership of digital assets in ways that, for example, buying a game on steam doesn't. That being said, why people wanted to have direct digital ownership of a 2D image of a monkey in various clothing... that's where I got lost. I can easily understand buying like... a text book, or a video game, music, your copy of microsoft office as an NFT, y'know, things that would actually have a re-sale value to it? But why the fuck would you want a monkey picture?
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