NFT Queen retweetledi
Eden Gallery raised ≈ $13 M from a hyped Ethereum NFT mint; now Defendants tell the court holders may have buyer’s remorse and cite a source saying “95 % of digital collectibles may now be worthless.”
The case asks whether creators can pocket mint proceeds and walk away from roadmap promises.
We just filed our Opposition to Defendants’ motion to dismiss. Read the introduction below:
Plaintiffs’ Opposition to Motion to Dismiss, p. 1 (SDNY 1:25-cv-1142, ECF 22)
“Defendants marketed their reputations as a world-renowned artist and an art gallery with trendy, upscale locations nestled among luxury brands. They leveraged this air of sophistication to encourage Plaintiff and others to buy into their club.
Defendants recognize that the value of the Meta Eagle Club NFTs fell dramatically, but they have no excuse for why they failed to deliver on their specific promises to create a club with “exclusive perks and benefits in the world of luxury and fine art,” nor can they explain what happened to the millions of dollars that they raised from club members. Defendants could have created their club and distributed art to the members—in fact, Defendants have kept working together, promoting and selling Yosef’s art. They simply decided to perform a rug pull and take the Class’s money instead. And now they blame the victim, alleging that Plaintiff has buyer’s remorse.”
Attorney Advertising. Class not yet certified; no outcome guaranteed.
Refs:
Eden Gallery Mot. to Dismiss, ECF 16, at 8 n.2 & 9.
Plaintiffs’ Opp. to Mot. to Dismiss, at 1n.1.
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