According to Decrypt, the 3-on-3 professional basketball league BIG3, founded by hip-hop artist Ice Cube, is facing a class-action lawsuit initiated by its NFT investors. The plaintiffs allege that in 2022, the league sold Ethereum NFTs for as much as $25,000, using "deceptive and fraudulent" marketing to promise team ownership, management participation, and future team sale revenue sharing rights. However, these promises were ultimately not fulfilled, resulting in damages to investor rights. The lawsuit claims that after BIG3 sold four teams for approximately $40 million in 2024, it failed to distribute profits to the NFT holders who were original investors, effectively downgrading them from so-called "team owners" to ordinary ticket holders. BIG3 has countered these allegations, stating that the plaintiffs violated contractual obligations to resolve disputes through confidential arbitration. The league also revealed plans to go public via a merger with a special purpose acquisition company (SPAC), with an estimated valuation of $290 million. https://www.(wublock123.com)/news/news-64192