A $5 million class-action lawsuit against Yuga Labs, creator of the Bored Ape Yacht Club NFT series, entered into a conspiracy with celebrities to defraud potential investors.
Among the 37 named in the lawsuit are veteran music manager Guy Oseary, Madonna, Justin Bieber, Paris Hilton, Snoop Dogg, The Weeknd, Post Malone, Serena Williams, Jimmy Fallon and Steph Curry.
Expect more similar lawsuits if this one is granted class action staus and moves forward.
• Controversial music NFT marketplace Hitpiece recently raised a $5 million seed round led by Pelion Ventures.
Early this year, the RIAA went after Hitpiece for releasing dozens of NFTs without the artists permission.
• OffBeat is launching Music ID as a Polygon Soulbound NFT. Its a non-transferable “music passport” that showcases the uniqueness of every fan.
Music ID is non-transferable yet also dynamic and interactive:
“OffBeat collaborating with Polygon symbolizes a tremendous landmark in the fandom economy. We are re-imagining how fans interact with music and how they gain access to new experiences, products, and people. I am honored to bring this opportunity to life”, said Ivet Anoro, OffBeat CEO.
• Clef, an NFT gaming concept, has launched Clef Mixing. It allows fans to not only own their own music NFTs produced by Clef’s unique music generating algorithm, but to also create their own tracks by mixing melodies themselves.
Bruce Houghton is the Founder and Editor of Hypebot and MusicThinkTank, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a professor for the Berklee College Of Music.
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