According to Cointelegraph, Eden Gallery Group filed a motion in federal court in New York to dismiss a class action lawsuit from a group of NFT holders, claiming that the general decline in the NFT market led to price losses.
36 individuals who purchased the 'Meta Eagle Club' NFT filed a lawsuit against Eden Gallery in October, accusing it of fraud, unjust enrichment, and violating New York general business law. The project sold 12,000 NFTs, raising $13 million.
Eden Gallery stated that the NFT market was very popular in early 2022, but then the hype declined. Currently, the floor price of the Meta Eagle Club NFT is 0.0051 ETH, significantly lower than the issuance price of 0.6 ETH.
The plaintiffs are seeking damages ranging from $1,224 to $70,219 per person, but Eden Gallery argues that no individual claims meet the $75,000 jurisdictional threshold, and that claims cannot be consolidated.
