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Guy Oseary gets his clients involved in a lawsuit for his partnership with that ridiculous NFT ape sh*t

Roland Barthes

By Roland Barthes,
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Roland Barthes

Roland Barthes 5,826

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Justin Bieber, the Weeknd, Madonna Among Defendants in Lawsuit Against Bored Ape Yacht Club

Post Malone, Stephen Curry, Snoop Dogg, Future, and more named as "promotors" of the NFTs, helping to "artificially" increase their value

BY DANIEL KREPS

Gwyneth Paltrow, Stephen Curry, Snoop Dogg, Kevin Hart, Serena Williams, Future, Diplo, and more were also named as defendants in the suit, which alleges that Yuga Labs, the creators of the BAYC non-fungible tokens, enlisted the celebrities to help “artificially” increase the value of the NFTs, inevitably resulting in “staggering losses” for the buyers.

(Count the defendants among those buyers: In November, it was revealed that a BAYC NFT allegedly purchased by Bieber for $1.3 million in Jan. 2022 was worth only $69,000 less than a year later.)

“Defendants’ promotional campaign was wildly successful, generating billions of dollars in sales and re-sales,” the lawsuit states, “The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices.”

The class action lawsuit was filed in a California district court by lawyers for Adam Titcher and Adonis Real; the former claims they bought a pair of Yuga Labs NFTs, while the latter said they purchased Yuga Labs’ cryptocurrency ApeCoin under the pretense it would be needed to buy things in the greater BAYC “metaverse.”

The lawsuit also alleges that entertainment manager Guy Oseary formed a partnership with Yuga Labs to “leverage their vast network of A-list musicians, athletes, and celebrity clients,” with those celebrities discreetly paid for promotional work via the crypto firm MoonPay, which the lawsuit alleges is connected to Oseary’s Sound Ventures capital firm.

In the case of most of the celebrity defendants — including Bieber, the Weeknd, and Madonna — the lawsuit claims they acted as “a promotor for the Company and solicited sales of Yuga securities to the public.”

Additionally, the lawsuit names Jimmy Fallon and his Tonight Show production companies Electric Hot Dog and Universal Television as defendants due to his on-air segment where he and Paris Hilton discussed the BAYC NFTs; Hilton, another member of the Yacht Club, is also listed as a defendant. Adidas, who released a limited edition line dedicated to BAYC, are also a defendant.

(Disclosure: Rolling Stone partnered with BAYC for both a limited-edition zine and physical artworks, but were not named among the defendants in the class action lawsuit.)

The BAYC class action lawsuit is similar to the celebrity-aimed lawsuit against the “brand ambassadors” who helped promote the fallen cryptocurrency exchange FTX, including Larry David, Shaquille O’ Neal, Tom Brady, and Curry, who is the only defendant in both the BAYC and FTX lawsuits.

https://www.rollingstone.com/music/music-news/justin-bieber-the-weeknd-madonna-bored-ape-yacht-club-lawsuit-1234644786/

Good job, Guy !

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adirondak

adirondak 1,580

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4 minutes ago, Robertthenurse said:

My partners burnt brother in law convinced people around us to invest in bitcoin etc. Now look 😆 

I mean, I’m up over 500% on BTC.  What is it you want us to look at?

NFT has use cases, but the artwork is not it and the real use cases have not yet been built. Also fiat currency worth is on a sharp decline due to inflation, which is why you can’t get as much for your dollars anymore. 

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Robertthenurse

Robertthenurse 2,895

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32 minutes ago, adirondak said:

I mean, I’m up over 500% on BTC.  What is it you want us to look at?

NFT has use cases, but the artwork is not it and the real use cases have not yet been built. Also fiat currency worth is on a sharp decline due to inflation, which is why you can’t get as much for your dollars anymore. 

Bit coin is a fad. It's not going to be anything in a few years. It's like Fyre Festival. People gonna end up in tents.

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thegoldencalf

thegoldencalf 12,573

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21 minutes ago, Jackie said:

I can't see this going anywhere - Celebs prop up $$$ all the time through endorsements - it's like saying how marketing should be banned - the people who invested and unfortunately lost money - it's just how the dice roles when you are a GAMBLER (get it?!?! :P).

There are regulations and it’s not allowed. The same way some celebrities were penalized for inflating the value of crypto. 
It’s pretty much the same as a pyramid scheme. 

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rgdlee

rgdlee 274

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5 hours ago, Roland Barthes said:

Justin Bieber, the Weeknd, Madonna Among Defendants in Lawsuit Against Bored Ape Yacht Club

Post Malone, Stephen Curry, Snoop Dogg, Future, and more named as "promotors" of the NFTs, helping to "artificially" increase their value

BY DANIEL KREPS

Gwyneth Paltrow, Stephen Curry, Snoop Dogg, Kevin Hart, Serena Williams, Future, Diplo, and more were also named as defendants in the suit, which alleges that Yuga Labs, the creators of the BAYC non-fungible tokens, enlisted the celebrities to help “artificially” increase the value of the NFTs, inevitably resulting in “staggering losses” for the buyers.

(Count the defendants among those buyers: In November, it was revealed that a BAYC NFT allegedly purchased by Bieber for $1.3 million in Jan. 2022 was worth only $69,000 less than a year later.)

“Defendants’ promotional campaign was wildly successful, generating billions of dollars in sales and re-sales,” the lawsuit states, “The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices.”

The class action lawsuit was filed in a California district court by lawyers for Adam Titcher and Adonis Real; the former claims they bought a pair of Yuga Labs NFTs, while the latter said they purchased Yuga Labs’ cryptocurrency ApeCoin under the pretense it would be needed to buy things in the greater BAYC “metaverse.”

The lawsuit also alleges that entertainment manager Guy Oseary formed a partnership with Yuga Labs to “leverage their vast network of A-list musicians, athletes, and celebrity clients,” with those celebrities discreetly paid for promotional work via the crypto firm MoonPay, which the lawsuit alleges is connected to Oseary’s Sound Ventures capital firm.

In the case of most of the celebrity defendants — including Bieber, the Weeknd, and Madonna — the lawsuit claims they acted as “a promotor for the Company and solicited sales of Yuga securities to the public.”

Additionally, the lawsuit names Jimmy Fallon and his Tonight Show production companies Electric Hot Dog and Universal Television as defendants due to his on-air segment where he and Paris Hilton discussed the BAYC NFTs; Hilton, another member of the Yacht Club, is also listed as a defendant. Adidas, who released a limited edition line dedicated to BAYC, are also a defendant.

(Disclosure: Rolling Stone partnered with BAYC for both a limited-edition zine and physical artworks, but were not named among the defendants in the class action lawsuit.)

The BAYC class action lawsuit is similar to the celebrity-aimed lawsuit against the “brand ambassadors” who helped promote the fallen cryptocurrency exchange FTX, including Larry David, Shaquille O’ Neal, Tom Brady, and Curry, who is the only defendant in both the BAYC and FTX lawsuits.

https://www.rollingstone.com/music/music-news/justin-bieber-the-weeknd-madonna-bored-ape-yacht-club-lawsuit-1234644786/

Good job, Guy !


" 🎵We're going to jail......🎵" :crying:

fuck you truth or dare GIF

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Jackie

Jackie 8,028

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I don’t know why there is so much hate towards Guy - I don’t know him - and maybe he did or didn’t mis manage.

But - he can’t stop Madonna being Madonna - she herself in interviews around the MDNA Tour was like you need to start earlier - she ignored him — so we don’t know what else she’s ignored…

 

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Donna

Donna 16,132

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I don't get the hate for Guy either.  I consider Madonna her own manager, and she relies on multiple people to help her get things done.  I see Guy as the man who is on the business end of things.  I'm sure he tries to persuade her to do certain things, but we all know Madonna does what she wants.  It was the same with her previous manager. Those who keep wishing for Freddy Demann back, must not realize he was in the same position as Guy. She calls the shots. At the end of the day, Guy has made a lot of money for her. I'm sure there are many more investments he's helped her with that we don't even know about.  He's not going anywhere.  He's not her "yes man".  No one is that.  Plenty of people tell her "no", but she refuses to accept "no" for an answer.  Doesn't mean she always gets what she wants, but if anyone really believes her career is any sort of mess or shambles (which it is not), that would be the result of Madonna's decisions.  Madonna is renowned for being a great business woman.  I don't really see her financially suffering one bit, so if she gets involved with something that doesn't pan out or seems foolish to others, that's human nature.  We all take risks in life.  If you don't, you'll never live out your full potential or be completely happy. 

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