Yuga Labs and Moonpay are facing a lawsuit over their promotion of celebrities’ non-fungible tokens. The plaintiffs in the case allege that the companies used celebrities to mislead the public in an aggressive promotion campaign to inflate the perceived value of their NFTs to sell for a profit.It’s no surprise that we are now in an NFT bear market. These economic market conditions could get worse as legal repercussions are deemed necessary by some. In this report, we’ll look at the allegations against Yuga Labs and Moonpay, as well as how this may affect the crypto landscape.<h2 id="header-0">Details About The Allegations</h2>The accused parties were said to have conspired to create an influencer marketing campaign that involved many high-status celebrities. Although this form of marketing isn’t illegal in itself, the lack of disclosure is misleading. Without proper disclosure, the public is misled into believing that these celebrities organically joined the NFT communities.The lawsuit further claims that these companies did not disclose the compensation they received for their services and instead profited from selling NFTs at rates far above market value, which barred potential buyers from investing transparently.In addition, the lawsuit also alleges that Yuga Labs and Moonpay were parasitic in their approach to an inclusive industry, taking advantage of promising new technology for their own benefit. Paris Hilton, Jimmy Fallon, and Justin Bieber are just a few of the 40 names mentioned as defendants in the case. On December 8, John T. Jasnoch of Scott&#43;Scott Attorneys at Law LLP filed a class-action lawsuit in the Central District of California.During the bull run, Jimmy Fallon interviewed various guests on his show, including Paris Hilton. During one of the interviews, Fallon stated that he was an official investor in the NFT project. However, it is blurred if he was self-motivated or working in cooperation with Yuga Labs and Moonpay to enrich themselves. This is just one example of how celebs may or may not have been working with these companies to <a href="https://nftandgamefi.com/2022/02/06/value-of-nfts-how-it-is-formed/" rel="noopener noreferrer nofollow">increase the value of their NFTs</a>.Read the full article: <a href="https://nftandgamefi.com/2022/12/14/yuga-labs-moonpay-sued-over-celebrity-nft-promotion/" rel="noopener noreferrer nofollow">Yuga Labs, Moonpay Sued Over Celebrity NFT Promotion</a>

Yuga Labs, Moonpay Sued Over Celebrity NFT Promotion

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NFTandGameFi

Alte articole publicate pe 9 feb. 2023

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