Opensea is a well-known online marketplace for NFTs. The platform is reportedly facing a legal claim valued at $1 million relating to the sale of an NFT which was allegedly completed on the platform in 2021 against the seller’s best interests as a “forced listing and sale of the NFT for 24.89 ETH ($81, 363), a fraction of its value”, according to The Fashion Law blog.
The claim is for negligence and breach of contract and relates to alleged security breaches on the Opensea platform and listing of the NFT concerned prior to the sale at over 5 times the sale price.
An NFT is a form of data that can be sold and traded and is typically related to digital art or collectibles. The Bored Ape NFT range and the hype around it can be seen by a simple internet search. In the past year, Eminem, Snoop Dogg, Paris Hilton and Jimmy Fallon amongst other celebrities are said to have purchased Bored Ape NFTs.
The value of NFTs can ebb and flow and in some ways follows a similar pattern to the valuation of physical art – it can depend on the market.
If you have any questions on the above, please do not hesitate to contact the team at McDaniels Law on 0191 281 4000 or email@example.com: Consumer Law, EU/International, Legal News