Dolce & Gabbana’s (D&G) NFT faced backlash as customers filed a lawsuit on Thursday due to the company’s mishandled delivery. They claim that their NFTs lose 97% of market value due to their mismanagement.

The Italian fashion house sold NFTs on Ethereum, ensuring “a slate of digital, physical, and experiential benefits,” according to a Bloomberg report. The D&G family promises their customers that buying D&G NFTs will open gates to various rewards, like, physical products,  and exclusive events.

In the lawsuit, D&G failed to keep their promise of providing NFTs and gifts on time. The NFTs arrived 20 days late and “could be used only in a metaverse platform with barely any users.” 

Dolce & Gabbana NFT Faces Backlash Over Metaverse NFT Losses 

The purchasers waited 11 days more after the late arrival of Dolce & Gabbana NFTs as declared in the lawsuit. The complaint says Dolce & Gabbana didn’t get permission from the metaverse platform first.

“Their standard operating procedure has been to promise products they fail to deliver, before abandoning a project and community they promised to support,” said in the complaint.

Plaintiff Luke Brown claims that he lost $5800 while purchasing D&G NFTs. Brown stated that he is going to sue Dolce & Gabbana on behalf of all who purchase their digital assets. The UNXD also became the target of Brown for providing a marketplace.

NFT Market Growth Slows in 2024

The NFT market shows slight growth in 2024. According to an estimate, the growth is 41% as compared to last year, which indicates a significant slowdown, as compared to explosive growth in 2023.

Some high-growing NFTs, like CryptoPunk 3100 did fetch $16 million in March, but the overall trend of NFTs shows a declining trend in the market.