BIG3 NFT Buyers Sue Rapper Ice Cube’s Basketball League for Alleged Fraud

CoinFeed July 8 news, according to Decrypt, NFT buyers of rapper Ice Cube’s BIG3 basketball league have filed a class-action lawsuit in California court, alleging that the league engaged in false and fraudulent marketing during its 2022 Ethereum NFT sale. The NFTs were offered in two tiers: Fire tier priced at $25,000 and Gold tier at $5,000. BIG3 promised holders benefits including team ownership rights, voting rights, season tickets, and a share of future team sale proceeds, stating these rights would be “perpetual,” but these promises were not fulfilled. In 2024, BIG3 sold four teams to outside investors for approximately $40 million, and the lawsuit claims that a portion of the sale proceeds should have belonged to NFT holders, as they were the league’s earliest private investors.