Dolce & Gabbana USA sued over NFT collection’s 97% value loss
Dolce & Gabbana USA is being sued by a customer, Luke Brown, who claims the NFTs he purchased for $6,000, which included outfits for the metaverse, lost 97% of their value due to the company’s mishandling. The NFTs, marketed as offering digital, physical, and experiential benefits, were to be bought and sold on the Ethereum blockchain. However, the delivery was delayed, and the digital outfits arrived 20 days late, usable only on a scarcely populated metaverse platform, and remained non-functional for an additional 11 days due to a lack of prior approval. Brown alleges that Dolce & Gabbana’s standard practice is to promise and fail to deliver, then abandon their projects. He filed the lawsuit on behalf of a proposed class of purchasers, also naming the NFT marketplace UNXD as a defendant. Neither Dolce & Gabbana nor UNXD responded to requests for comment.