Key facts
- BIG3 NFT owners are suing the basketball league.
- The lawsuit alleges deceptive marketing and the sale of unregistered securities.
- Buyers paid up to $25,000 for BIG3 NFTs.
- Purchasers expected ownership benefits and a share of team sales.
- Plaintiffs claim these benefits and sales shares were not delivered.
- The lawsuit accuses the league of deceptive marketing practices.
Owners of BIG3 NFTs have filed a lawsuit against Ice Cube's basketball league, alleging deceptive marketing and the sale of unregistered securities. The plaintiffs, who purchased NFTs for the league, claim that the BIG3 failed to deliver on promised benefits and ownership stakes. These NFTs were marketed with the expectation that buyers would receive ownership benefits and a share of any future team sales.
The lawsuit details that some purchasers paid up to $25,000 for these digital assets. However, the NFT owners allege that these promised benefits and financial returns were never materialized. The core of the complaint revolves around the league's alleged deceptive marketing practices and the sale of what the plaintiffs consider unregistered securities, which violates federal and state securities laws.