A customer has sued Dolce & Gabbana USA Inc., alleging that the luxury fashion brand mishandled the delivery of its non-fungible tokens (NFTs), resulting in a loss in value.
According to a Bloomberg report, the plaintiff, Luke Brown, claims that D&G’s NFTs, which he spent $6,000 on, lost 97% of their value due to the company’s failures.
The lawsuit was filed on behalf of a proposed class of individuals who purchased digital assets from Dolce & Gabbana’s NFT project.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Marketed under the DGFamily brand, these tokens were sold on the Ethereum blockchain, promising buyers exclusive digital rewards, physical products, and special event access.
Brown’s attorneys argued that the company frequently promises products it fails to deliver and then abandons the project and community it pledged to support.
The complaint highlights significant delays in the delivery of these NFTs, causing customer frustration. The digital outfits, a key feature, were released 20 days late.
Moreover, even after the digital outfits were released, they were unusable for another 11 days, as D&G had not got approval from the NFT marketplace, UNXD. The marketplace is also named as a defendant in the lawsuit.
Neither Dolce & Gabbana nor UNXD has commented on the situation.
From a broader perspective, the lawsuit underscores the concerns and challenges in the NFT market, particularly regarding the fulfillment of promises made by issuers.
In other news, in April, Adidas collaborated with Stepn to launch a collection of NFT sneakers.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
