Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment

Lawsuit: Sotheby's $24M sale to FTX gave Bored Ape NFTs "an air of legitimacy."

https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment/?utm_brand=arstechnica&utm_social-type=owned&utm_source=mastodon&utm_medium=social

Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment

Lawsuit: Sotheby's $24M sale to FTX gave Bored Ape NFTs "an air of legitimacy."

Ars Technica
@arstechnica "Former Tulip Purchasers Burned in Beanie Baby and Housing Bubbles Pissed That Non-tangible Assets Worth Even Less"
@arstechnica I hope every single one of the clowns involved in this scam end up in the gutter where they belong. Especially the ones who convinced the less well informed to buy in.
@arstechnica Someone should have created algorithmically generated images of lollipops and called them SUCKERS!

@arstechnica lol

If it’s any consolation, there are lots of JPEGs on the internet and most of them are free.

@arstechnica I hope the judge just mails each plaintiff a dictionary, with the expression “due diligence” highlighted in red

@arstechnica to be honest, this just looks like a normal art world scam.

A third party, close to the artist, pays way over the odds to set a price floor.

This is the digi version. #NothingNewUnderTheSun

@arstechnica what is the famous PT Barnum quote? That I think pretty much sums up this whole NFT thing? What was it again?

Oh right...

"There's a sucker born every minute"

That pretty much covers it.

@arstechnica aye. But what if you think of the buyers not as bad ppl getting the comeuppance they richly deserve for daring to think themselves smarter than you and I, but rather as victims of America’s substandard education system.
@BenAveling If they were victims, they were victims with a surplus of money to throw around. Nobody who had more to worry about financially would be lured into the Ape game. So I can’t feel very sorry for the people who did.
@arstechnica Anyone interested in an investment? All reasonable offers will be considered.

@arstechnica

Did I read that right? The Ape jpegs still sell for 50.000$?
People are stupid.

@Brynawel @arstechnica No, distributed ledger entries pointing to JPEG copies residing on OpenSea’s cloud servers still sell for 50k.
@arstechnica Ugh stop, it hurts so much when I laugh…
@arstechnica
It just proves certain people have too much money. Everyone who couldn't afford these screenshots in the making, knew it was BS. Any money gained should be given to infrastructure, disaster relief and the homeless. These wealthy idiots can FRO.
@arstechnica Fools & their money, etc, etc...
@arstechnica Gee whiz Grandpa, who’d have thought something like this would happen?

If I'd fallen for those apes I'd be going bananas too!
💰🙈🍌️

#boredape #NFT
@arstechnica

@arstechnica can everyone in this lose?

Sotheby's loses all the money and the nft buyers are awarded a handful of water damaged pogs, a worthless 90s era DC issue 1, a broken POP figure, a dead tulip, an unwanted rookie card and a torn beanie baby to share.

The plaintiffs lawyers get the cash.

@arstechnica @f4grx hahahahahahahahahahaaaaaaaa

hahahahahhahahahahahaaaaaaa

haaaaaaahaaaaaaaahaahahahaha

(And breathe)

HaHAAAAHAHAhahahaaaaaa

@arstechnica I hope they lose. They deserve to feel some pain. Maybe they’ll learn not to be so fucking stupid.

@arstechnica HOW CAN MY BADLY ALGORITHM GENERATED MONKEY PICTURES BE WORTH NOTHINGY?

Who could have warned me?!?

@arstechnica Anyone who can chew gum and taste it simultaneously without their brain forgetting to tell their lungs how to breathe could've seen this scam coming from two light years away
@arstechnica @bloor that time the favourite button actually means it

@arstechnica
Those stupid MF'ers should have put their money into a sure bet like Dogecoin like I did!

Hahaha suckers!

@arstechnica Back in the 19th century, my great-great grandfather was sued by his two former partners after their business went bust. He won the suit, and the judge's decision basically came down to, "Mr. Goodwin was under no obligation to warn the plaintiffs they were being stupid."

Some things haven't changed much in 160 years.

@arstechnica

What idiots put "NFT" and "investment" in the same thought?

[rhetorical]

@arstechnica they thought the PNGs would appreciate in value?
@arstechnica L, and I do mean this most sincerely, O L
@arstechnica I hope the judge gives them nothing and makes fun of them. Idiots!
@arstechnica @5ciFiGirl BWHAHAHAHAHAHAHAHAHAHAHA! 😂😂😂☠️
@arstechnica is this the part where I play the world's smallest violin for them?