Justin Bieber, Snoop Dogg, Steph Curry and several other high-profile celebrities have found themselves caught in a lawsuit involving Ape NFT; a company that specializes in creating and selling non-fungible tokens (NFTs).
The lawsuit, led by a group of investors, alleges that the celebrities used their social media platforms to promote Ape NFT and its products without disclosing their financial interests in the company.
The investors claim that this promotion artificially inflated the value of Ape NFT’s NFTs, causing them to suffer financial losses when the value of the tokens eventually crashed.
NFTs are a type of digital asset that is unique and cannot be replicated. They often represent ownership of digital items such as artwork or collectables. Ape NFT has partnered with celebrities to create to sell NFTs featuring their likenesses and other content.
The lawsuit alleges that the celebrities violated federal securities laws by failing to disclose their financial interests in Ape NFT. In addition to Justin Bieber, Snoop Dogg, and Steph Curry, the lawsuit names several other celebrities as defendants, including rapper Soulja Boy and football player Antonio Brown.
Seeking Damages
The investors are seeking damages and a restraining order to prevent the celebrities from continuing to promote Ape NFT. The case is currently in the early stages, and it is unclear what kind of resolution will be the result.
This lawsuit highlights the growing popularity and controversy surrounding NFTs. While many see them as a way to create and trade unique digital assets, others have raised concerns about their potential for financial manipulation and the environmental impact of their production.
Regardless of the outcome of this case, it is clear that NFTs are a new and emerging technology that will continue to be a topic of debate in the coming years.
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