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Haider Jamal

May 16, 2024

Allegedly Misled NFT Buyers Furious With Dolce & Gabbana

A customer recently initiated a lawsuit against Dolce & Gabbana USA on Thursday, alleging that the NFTs they acquired lost 97% in value due to a mishandled delivery on part of the company. According to Bloomberg on Friday, the Italian fashion brand sold the NFTs on Ethereum, assuring buyers of a slate of digital, physical and experiential benefits.

 

Unusable Digital Fashion

The company purportedly informed consumers that purchasing their DGFamily NFTs would provide access to various digital rewards, physical items, and exclusive events. The lawsuit further claims that Dolce & Gabbana did not deliver the NFTs and promised benefits on schedule. The digital outfits, which were delivered 20 days late, could only be used in a metaverse platform with minimal users.

Even after the delayed delivery, token holders reportedly had to wait another 11 days before they could utilize them. The complaint asserts that Dolce & Gabbana had not in fact obtained prior approval by the metaverse platform. Their typical approach has been to promise products they fail to deliver, then abandon a project and community they promised to support, the complaint stated.

 

NFT Market Growth Slows In 2024

Plaintiff Luke Brown claims he incurred a loss of $5,800 on the NFTs he bought. Brown mentioned he is suing on behalf of others who purchased digital assets associated with this NFT project. His lawsuit also implicates NFT marketplace UNXD, including it in the legal action.

Meanwhille, the NFT market has exhibited growth so far in 2024, with estimates indicating a 41% increase in marketplace value compared to 2023. However, this represents a significant deceleration compared to the explosive growth of previous years.

NFTs offer several advantages, including verifiable proof of ownership and authenticity for digital assets, allowing artists and creators to earn royalties through future sales of their work. They open up new monetization opportunities across various industries such as art, music, and gaming, and provide a way to collect and trade unique digital items. However, there are also significant drawbacks. The creation and trading of NFTs can have a substantial environmental impact due to the energy-intensive blockchain processes involved. The market is highly volatile and speculative, which can result in financial losses for investors.

 

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