Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
N/A.PRVT
id: 1540
Dolce & Gabbana (DGFamily NFT) Fraud and Undelivered Benefits Case
The defendant has requested the court to dismiss the case.
S.D. New York
Court1:24-cv-03807
Case number04/24/2022
Class period Start05/16/2024
Class period End- Investors filed a lawsuit against Dolce & Gabbana for selling DGFamily NFTs while failing to deliver promised digital and physical rewards.
- After repeated delays, missing merchandise, and project abandonment, DGFamily NFTs lost nearly all their value.
Case Details:
In April 2022, fashion house Dolce & Gabbana, along with partners UNXD and inBetweeners, launched the DGFamily NFT project, promising exclusive perks to NFT holders. Buyers were told they’d receive a series of eight digital and physical rewards over two years—including metaverse wearables, luxury fashion items, and VIP access to events.
The NFTs were priced between 1.224 ETH and 40 ETH (roughly $3,600 to $120,000 at launch). Over 5,000 NFTs were sold, raising millions in crypto. But soon after launch, the project began to unravel. Drops were routinely delayed or incomplete, digital wearables didn’t function as promised in platforms like Decentraland, and many holders never received physical items at all.
Dolce & Gabbana also failed to support the community, abandoned communications, and made misleading claims about development progress. Behind the scenes, insiders allegedly manipulated secondary markets to create fake demand, and investors were urged to buy more NFTs even as benefits went undelivered.
By late 2023, the project had effectively collapsed. Only 2 of 8 promised rewards had been delivered, many were unusable, and those who did receive items were sometimes hit with unexpected shipping and customs fees.
Based on these events, investors filed a lawsuit against Dolce & Gabbana, UNXD, and inBetweeners, claiming they:
- It sold DGFamily NFTs as unregistered securities and misrepresented their value and benefits.
- It failed to deliver most of the promised drops and abandoned support for the project.
- It manipulated the NFT market while profiting from hype and insider trading.
Investors believe Dolce & Gabbana misused the DGFamily project to raise millions, then walked away.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
04/24/2022
Filing date
05/16/2024
Judge
Naomi Reice Buchwald