The luxury fashion brand Dolce & Gabbana is facing a lawsuit from a customer who alleges that the company mishandled the delivery of its non-fungible tokens (NFTs), resulting in a significant loss in value. Luke Brown, the plaintiff, claims that the NFTs he purchased from D&G lost 97% of their value due to the company’s failures.
The lawsuit, filed on behalf of a proposed class of individuals who bought digital assets from Dolce & Gabbana’s NFT project, highlights significant delays in the delivery of the tokens. The digital outfits promised as part of the NFTs were released 20 days late, and even after their release, they were unusable for another 11 days due to a lack of approval from the NFT marketplace, UNXD, which is also named as a defendant in the lawsuit.
This case sheds light on the challenges and concerns in the NFT market, particularly regarding the fulfillment of promises made by issuers. Neither Dolce & Gabbana nor UNXD has commented on the situation yet.
In related news, Adidas recently collaborated with Stepn to launch a collection of NFT sneakers, showing the growing interest and investment in the NFT space by major brands. The outcome of this lawsuit could have implications for how companies handle NFT projects and the expectations of customers in the future.
