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# Big week for NFTs as their main artist-friendly draw is killed and some folks sue for being fooled into thinking bored apes were legit
- URL: https://birchtree.me/blog/big-week-for-nfts-as-their-main-artist-friendly-draw-is-killed-and-some-folks-sue-for-being-fooled/
- Published: 2023-08-17T23:32:34.000Z
- Updated: 2023-08-17T23:32:34.000Z
- Author: Matt Birchler
- Tags: Links, #Import 2025-03-29 19:29

[Jon Brodkin: Buyers of Bored Ape NFTs Sue After Digital Apes Turn Out to Be Bad Investment](https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment/?ref=birchtree.me)

> The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021\. A Sotheby's auction duped investors by giving the Bored Ape NFTs "an air of legitimacy... to generate investors' interest and hype around the Bored Ape brand," the class-action lawsuit claims.

It’s slightly funny to me that while NFTs were a big part of the “break from fiat currency”, the plaintiffs are using the official system to get fiat currency in return for their troubles.

> After the auction, the price of Bored Ape digital assets hit a new high and kept rising for months. It peaked at over $420,000 in April 2022 but plummeted to about $90,000 six weeks later, [according to CoinGecko](https://www.coingecko.com/en/nft/bored-ape-yacht-club?ref=birchtree.me).

Still about $90,000 too high, in my opinion.

Amazingly, as I was about to publish this, another NFT disaster story hit. [Jacob Kastrenakes for The Verge: NFT Royalty Fees Dropped by OpenSea](https://www.theverge.com/2023/8/17/23836440/nft-creator-royalty-fees-are-dead-opensea-optional?ref=birchtree.me)

> OpenSea, the biggest NFT marketplace still fully enforcing royalty fees, [said today](https://opensea.io/blog/articles/creator-fees-update?ref=birchtree.me) that it plans to stop the mandatory collection of resale fees for artists. Starting March 2024, those fees will essentially be tips — an optional percentage of a sale price that sellers can choose to give the original artist. If the seller doesn’t want to hand over any money, that’ll be their choice.

Ongoing royalties were like *the thing* NFT pushers could not stop talking about in 2021 and now the biggest marketplace for these things just went, “yeah, not anymore.”

God, NFTs suck.