According to Cointelegraph, Eden Gallery Group filed a motion in the New York federal court to dismiss a class-action lawsuit by a group of NFT holders, claiming that the general decline in the NFT market led to price losses.
Thirty-six individuals who purchased the “Meta Eagle Club” NFT, which sold 12,000 NFTs and raised $13 million, sued Eden Gallery in October, alleging fraud, unjust enrichment and violations of New York general business law.
Eden Gallery said that the NFT market was very popular in early 2022, but then the heat declined. The current reserve price of Meta Eagle Club NFT is 0.0051 ETH, which is much lower than the 0.6 ETH at the time of issuance.
The plaintiffs sought damages ranging from $1,224 to $70,219 per person, but Eden Gallery argued that no individual claims met the $75,000 jurisdictional threshold and that consolidation of the claims was not permitted.