Dolce & Gabbana Hit With Lawsuit Over Metaverse Outfit NFTs
A customer has sued Dolce & Gabbana USA, alleging that the NFTs they purchased lost 97% in value due to the company’s bungled delivery.
The Italian fashion house sold the NFTs on Ethereum, promising digital, physical, and experiential benefits.
The lawsuit alleges that Dolce & Gabbana failed to deliver the NFTs and promised benefits on time, leaving token holders waiting another 11 days before they could use them.
The complaint also claims that Dolce & Gabbana had not secured approval from the metaverse platform beforehand. The plaintiff, Luke Brown, claims he lost $5,800 on the NFTs he purchased and is suing on behalf of others who bought digital assets from the NFT project.
His lawsuit also targets NFT marketplace UNXD, making it a party to the legal action. The NFT market has shown signs of growth in 2024, with estimates suggesting a 41% increase in marketplace value compared to 2023. However, the overall trend points towards a decline in value for many NFTs.
(With inputs from Shikha Singh)
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