Bored Ape NFT Investors Sue Sotheby’s, Justin Bieber and Paris Hilton — Retail Bum

A group of Bored Ape NFT investors are suing famed auction house Sotheby’s and celebrities such as Justin Bieber and Paris Hilton for running misleading promotions.

In their lawsuit, the investors argue that Sotheby’s artificially raised prices of the NFT by colluding with Bored Ape creator Yuga Labs. They also blame Bieber and Hilton for allegedly not disclosing their financial ties when promoting the collection.

The plaintiffs are seeking $5 million in damages to make up for some of their losses.

The lawsuit comes just two years after Sotheby’s sold 101 Bored Ape NFTs to a single buyer for $24 million, garnering significant attention to the rising allure of NFTs.

Fast forward to 2023, NFTs are no longer seen as lucrative investments, with fewer consumers showing interest in them. Bored Ape NFTs, for one, are now just valued at $52,000 a piece, down by more than $230,000 since September 2022.

As for the ones Bieber bought for $1.3 million, their value had plummeted to just $69,000 in November 2022.

In response to the lawsuit, both Sotheby’s and Yuga Labs have issued statements calling the allegations baseless. Sotheby’s said it plans to defend its position vigorously in court…