The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.
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That’s an average price of over $241,000, but Bored Ape NFTs now sell for a floor price of about $50,000 worth of ether cryptocrurrency, according to CoinGecko data accessed today.
Wait till they realize the actual value is $0.
The 50k value is itself propped up by fake transactions anyways. Since these sales are public, they can just push some around between two paid off clients to give the impression this is their worth.
Wait until you realize money is worthless.
Remember when Seth Green said he had a whole TV show ready to go based on his his Bored Ape and then someone stole it? He paid $300,000 to get it back and ever since… no TV show. I’m wondering if he’s just embarrassed at this point.
buy stupid NFT
pitch TV show about said NFT
get investors to pay for it
take out insurance on NFT and TV show
never bother to make TV show
just collect salary as passive income
“leak” private key a few days before “release”
collect insurance to repay investors
profit
No one is going to insure an NFT
I lost a ton of respect for Seth Green on that one. I hope he’s embarrassed!
I wish I had the temerity to sue people when an ‘investment’ doesn’t go my way.
I’m sure they’d have sued Sotheby’s if they made lots of profit right?
There was the bit about Sotheby’s misrepresenting FTX as a buyer, but that doesn’t make me any more sympathetic to their situation. Which, now that I’ve typed that, is extremely cynical when I like to think of myself as empathetic. I’m gonna try to change my take here. I like @db2’s take that the money should be invested in public education.
I don’t think it would have mattered had they known. FTX was still in their good graces at the time, and FTX didn’t actually scam anyone (in this particular transaction lmao).
Lolololol
I don’t even understand how someone could fall for NFTs. It was so obviously a stupid, broken concept from the very beginning, it hurts to know that anyone actually was so dumb spent money on this.
Conmen typically target people of low intelligence in scams because it increases the chances of said scam being successful, like the classic Nigerian Prince scam littered with spelling inaccuracies aimed at duping the idiots.
Seth Green was literally going to make a TV show about his worthless scam. Like, bruh, you made Robot Chicken and have been on Family Guy for 24 years. Are you actually out of ideas?
He wanted to use it as a mascot and written off the purchase as a business expense that would also gather value because now his bored ape has a show. Tons of advertising for the ape, in the form of the show, that he flips his 300k purchase for millions would normally be a smart investment except NFTs spoil all good things.
GEE, WHO THE FUCK COULD’VE FORESEEN SUCH TURN OF EVENTS, HUH??? If only there were people that realized very early on that NFTs were absolutely pointless, right?
Sarcasm aside, even being the USA, I doubt there’s any law that criminalizes shit investments. Despite everything, NFTs and cryptocoins themselves still aren’t legally considered scams, so investing in them and losing money due to their price fluctuations aren’t crimes.
Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.
Isn’t that the modus operandi of art auctions in general? There’s always at least one or two fellas doing everything in their power to pump up prices of certain pieces or specific artists, since they have big collections.
Sotheby’s Metaverse, an NFT trading platform opened after the auction, “operated (or attempted to operate) as an unregistered broker of securities.”
Ooohh, now that could be interesting, though I highly doubt they’ll get more than a slap on the wrist, if it gets that far.
When the price of all that worthless shit was going up these bozos smugly told anyone who told them it was worthless to ‘have fun staying poor’. They made their bed. They need to eat their loses.
They capitalized on how this happens in the art world but saves a canvas and frame by making it digital.
And yet people seem to fine framing a multi million dollar paint splat
Oh I didn’t realise FTX was involved in this grift 😂
Makes sense that a bunch of grifters would be involved in a grift that, in turn, makes their grift look more legitimate as well.
A foolish monkey and his bananas are soon parted.
Nope. Too bad, they knew what they were buying. That they convinced themselves the value they attributed to it would remain or increase is entirely on them. The fact that so many others saw it through a realistic lens means they had the same ability and chose not to.
But that said, the proceeds for them should also get clawed back and 100% put toward scam identification education. Neither side in this one should walk away enriched.
Honestly I’m ok with them keeping their money, afaik everyone knew where they were buying they were just dumb enough to think it would ever be worth something. If we want to claw back money from people we should start with the ones ruining the environment to make the line go up
I’m all for that. And the stock market bros too.
Just like Beanie Babies!
I mean yeah, if you make it illegal for dumb people to overpay for stupid shit, half the global economy would collapse overnight
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This is the part about wealthy people that I just love. If muh investment pays off, f-off society, I was smart and made a wise investment. I deserve to keep 100% of the proceeds. But when things go south, “Save meeeeeeeeee, you [society/regulators] shouldn’t have let me go through with it”. Then we’re back to the socialism they say they hate so much and that they lobby their own money to deny to the common folk.
Oy vay
I hope the defendant loses, but the damages shouldn’t be awarded to the fools who bought the NFTs. That money should go to literally anyone else, because they’ve already proved they can’t be trusted with money. Fuck both sides of this dispute.
Wait…the article says they’re still worth $50k each.
Really?
It just means some moron is willing to pay that much
Collective delusion of people who still think they’re holding onto something worth anything
Presumably they’re still useful for money laundering. Makes sense to keep some kind of price floor.
You’re vastly overestimating the reasoning ability of prospective NFT buyers.
They couldn’t accurately identify a picture. Instead of concluding “I can just copy and paste this”, they overrode their common sense to convince themselves that a digital picture of a monkey was unique. Unerringly, truly, exceptionally unique. A digital monkey picture.
It’s pretty great. NFT dimbulbs are the flat earthers of crypto.
I wasn’t into NFTs, but I did crypto for a bit when it was spiking just because I could. Don’t underestimate greater fool theory. Plenty of people who bought either of these “assets” realize that they’re only worth what you can sell them for and just flipped them during the initial bubble. The problem with that being that every asset that gets flipped results in some poor butthole holding the bag when the bubble pops. THAT is usually the true believer, the guy who honestly thought that he was just gonna keep this picture of a monkey in a hat and watch the value go up and up and up until he retired.
I appreciate those buttholes.
Solid quote.
The bet a lot of people made was basically, since we can have a market of these random things, and they are actually non-replicable at the actual ERC721 assignment level (I know you can copy and paste the actual pictures), that those ownership assignments just become part of the greater pool of “currency”, with some having greater value than other.
They will probably retain some value indefinitely, in the same way Beanie Babies have managed to hold on to some value even today. It’s of course just not even close to the peak bubble value, because a lot of people were behaving irrationally purchasing them with the whole fear-of-missing-out attitude, driving the price up further, vicious cycle.
NFTs remind me a lot of the international star registry.
You’re paying someone a lot for them to record some unofficial bragging rights in some unofficial database that literally no normal person cares about.
I dunno. That’s kinda neat. Maybe in like 20,000 years humans will be exploring the Mongostein system.
You missed the part where literally nobody else will look to those registries to see what random people named them.
Doesn’t NASA do it? I dunno. I always thought it was kind of neat, but ultimately pointless.
Nope. The names are entirely unofficial. No one uses them.
Well I’ll be a monkey’s uncle.
Very much like that, including how there can be multiple registries, like International Star Registry, Universal Star Database, The International Registry of Stars, Universal International Star Registry Database, etc., all ‘officially’ naming the same stars.
Wait…but the star is named after ME. It’s mine, right?
It sure is champ
Omigod how do you know my name? Do you work for the star people?
It would be cool if each buyer has a unique hash and elements of the art are AI generated (like the background or texture) using some chaotic process with the hash as the seed, so that everyone gets a unique version. I would pay maybe a couple of bucks for something like that.
You might enjoy CryptoKitties
That is a good idea, having a dynamically generated portion of the art dependent on a hash. That would actually be an NFT then, haha.
I still don’t think I would pay a couple bucks for one, but I like your idea.
Shoot. Maybe I’d sell them for a couple bucks? Let’s get on this.
That’s the spirit 🤣 The challenge is building a team with both technical and artistic know-how to build something like this.
From what I’ve learned about online digital currency, we only need one exceptional department, and that is marketing.
Yup!
My vinyl collection is “worth” $50k. I just have to find someone deluded enough to believe me and buy it.
In reality it’s worth ~$1k because they’re old and play music instead of being ugly pictures of monkeys.
Just don’t buy the “worthless digital monkeys” and they’ll be so worthless that their value will be in the negatives; they’ll give you money.
In fairness, they didn’t buy the monkeys, they bought a spot on the blockchain that says they own the hyperlink to the picture of the monkey.
It’s pretty funny to think about if they didn’t bother to buy the actual domain that’s in the Blockchain. I hope they didn’t, and they get squatted later. That would make it even funnier.
I don’t know about that specific example, but people have had whats at the other end of the link changed after the sale. Like, instead of the monkey, now its goatse or something.
There’s nothing new under the sun.
