Spending $25k on a "permanent" team ownership, only to have the team sold without sharing the proceeds—this NFT marketing really deserves to be sued.

CoinWorld news: According to Decrypt, NFT buyers of the BIG3 basketball league have filed a class-action lawsuit in a California court, alleging that the league carried out false and fraudulent marketing through its Ethereum NFT sales in 2022. The Fire tier was priced at $25,000, and the Gold tier at $5,000. BIG3 promised holders “permanent” rights including team ownership, voting rights, season tickets, and a share of future revenues, but did not deliver on these promises. In 2024, BIG3 sold four teams to external investors for about $40 million; the lawsuit claims that part of the sale proceeds should be allocated to NFT holders who were early private investors.