A lawsuit against Dolce & Gabbana claims the Italian fashion and beauty brand pocketed $25 million from an NFT project but failed to deliver on its promises.
Plaintiff Luke Brown’s complaint, filed before the US District Court on Thursday, reads: “This is a class action lawsuit against companies caught up in the ‘crypto’ craze.
“Defendants sold digital assets that were secured with an underlying promise that was never delivered. The assets did not have characteristics, uses, or benefits Defendants advertised and promoted.
“Either through reckless incompetence or greed, Defendants failed to deliver what they promised in exchange for purchasing their digital assets and abandoned their crypto project while retaining over $25 million used to fund the project.”
Brown has accused D&G of fraud, breaches of contract, unjust enrichment, negligence and violations of New York General Business Law.
He claims to have lost $5,800 (£4,585) after investing $6,000 in the NFTs.
The project in question is D&G’s ‘#DGFamily’ NFT collection.
D&G’s official website states: “The #DGFamily NFT community comes with a unique ecosystem of benefits for holders across both the physical universe and the metaverse. This includes access to exclusive drops and collaborations, both digital wearables and physical products, as well as access to an exclusive slate of digital and physical Dolce&Gabbana events.
Proactive has reached out to D&G for a comment.