% 0.18
BTC Dominance:
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
$ 66.082
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Dolce & Gabbana Sued Over Crashed NFT Value

Dolce &Amp; Gabbana Nft

Dolce & Gabbana USA was sued on Thursday by a client who said that the company’s botched delivery caused the NFTs they bought to lose 97% of their value.

According to a Friday Bloomberg story, the Italian fashion label offered “a slate of digital, physical, and experiential benefits” while selling the NFTs on Ethereum. It purportedly informed customers that obtaining its DGFamily NFTs would grant them access to a variety of digital incentives, tangible goods, and exclusive events.

Dolce & Gabbana is further accused of not delivering the NFTs and promised benefits on schedule. Arriving twenty days late, the digital clothing “could be used only on a metaverse platform with barely any users.”

Token holders apparently had to wait an additional 11 days to spend their tokens, even after their delayed delivery. Dolce & Gabbana had not, as the complaint claims, previously obtained permission from the metaverse platform.

“Their standard operating procedure has been to promise products they fail to deliver before abandoning a project and community they promised to support,” the complaint stated.

Plaintiff Luke Brown says that the NFTs he bought cost him $5,800. On behalf of others who purchased digital assets from this NFT enterprise, Brown said he is suing. He also names UNXD, an NFT marketplace, as a party to the complaint.

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