Eden Gallery argued that a group of NFT owners “may have buyers’ remorse, but their losses, if any, are due to market forces.”
An art gallery said a class-action lawsuit from a group of non-fungible token (NFT) holders should be dismissed, arguing that it isn’t responsible for any losses in the NFT prices due to a wider market downturn.
The Eden Gallery Group argued in a motion to dismiss, filed in a New York federal court on Jan. 7, that a “general market decline” in NFTs doesn’t show that fraud or misrepresentation occurred as alleged.
A group of 36 individuals who purchased “Meta Eagle Club” NFTs sued Eden Gallary in October, alleging fraud, unjust enrichment and violation of New York’s General Business Law.
