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You Won’t Believe What Happens When You Invest Your Life Savings in Virtual Art – NFT Owners Unleash Fury on Gallery Masterminds

A group of people stand at a podium, holding empty boxes labeled 'Meta Eagle Club' and 'NFTs', with a cityscape behind them showing an abandoned art gallery and a Galyverse world map fading away to nothingness. A broken metaverse globe lies shattered on the floor in front of them.

A group of 36 disgruntled investors has taken their frustrations to the courts, suing a New York art gallery and artist for allegedly pulling off a ‘rug pull’ with their Meta Eagle Club NFTs. The $13 million scam is just another reminder that even in the wild west of cryptocurrency, greed can be a real killer (pun intended). While I’m not exactly shedding tears over this one – after all it’s just a bunch of rich people getting fleeced by some shady characters – I do have to say that NFT holders deserve better than being sold ‘metaverse perks’ they’ll never get. It’s like buying a timeshare in the moon, only instead of a lovely lunar view you get nothing but a pile of worthless tokens.

Source: cointelegraph

A group of 36 non-fungible token (NFT) holders have sued an art gallery and artist who made their NFTs, claiming they failed to follow through on a metaverse-based private club and other promised perks. In an Oct. 9 complaint filed in a New York federal court, the group claimed Eden Gallery and artist Gal Yosef’s project “was a ‘rug pull’” scam. The NFT collection, the Meta Eagle Club, sold 12,000 […]

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