Dolce & Gabbana NFT Lawsuit: Buyer Sues Over Value Drop
Fashion Brand Sued: NFT Collection Value Plummets
Suit claims company mismanagement caused value erosion
A customer in the Southern District of New York has sued luxury fashion brand Dolce & Gabbana USA Inc., alleging the fashion house mismanaged a collection of NFTs, leading to a significant decline in their value.
The lawsuit, filed by Luke Brown, as reported by Bloomberg, centers on the DGFamily NFTs, which were marketed as offering a combination of digital wearables, physical goods, and exclusive experiences. Mr Brown had paid nearly $6,000 for the DGFamily NFTs that lost 97% of their value.Dolce & Gabbana marketed these NFTs as providing a mix of digital, physical, and experiential benefits.
Mr. Brown’s complaint contends that Dolce & Gabbana failed to deliver on these promises. The lawsuit alleges delays in receiving the NFTs and associated benefits, with the digital wearables only usable on a niche metaverse platform that had limited user engagement.
Additionally, the complaint claims Dolce & Gabbana neglected to secure proper approvals from the platform, further delaying access for token holders. The lawsuit argues that this pattern of unfulfilled promises reflects a broader issue with the DGFamily NFT project.
Mr. Brown accuses the company of abandoning the project and its community after failing to deliver on its initial commitments. He seeks to represent a class of all those who purchased DGFamily NFTs, claiming financial losses due to the alleged mismanagement. UNXD, the online marketplace where the NFTs were sold, is also named as a defendant in the lawsuit.
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