Serena Williams named in class action suit regarding misleading promotion of NFT's

Serena Williams has been named in a class action lawsuit about her participation in the Bored Ape Yacht Club NFT company.

The rise of NFTs last year prompted many celebrities to jump on board for a quick profit. We've seen many athletes participate in many kinds of NFT operations and Serena Williams promoted Bored Apes. The lawsuit claims that celebrities promoted the NFTs at artificially inflated prices without disclosing their personal stakes or other interests.

The lawsuit reads:

"Defendants' promotional campaign was wildly successful, generating billions of dollars in sales and re-sales. The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices. Promoting the BAYC NFTs on their social media platforms and through their reported conduct, [the celebrities] provided assistance that was a substantial factor in causing the NAYC NFTs price to both surge and do so long enough to allow all Defendants to sell their BAYC NFTs for huge profits at the expense of their followers and investors."