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Matt Levine

Bored Apes Go to Court

Also inflation trading market structure, Carl Icahn vs. McDonald’s, Elon Musk vs. the SEC, Covid securities fraud and crypto dating scams.

Here is a lawsuit in which a guy (the plaintiff, Timothy McKimmy) is suing a non-fungible token exchange (the defendant, OpenSea) for allegedly negligently causing him to lose his NFT in the Bored Ape Yacht Club collection. He would like his ape back:

I know this is normal now, this is just life in 2022, this ship has sailed. Still, imagine telling a federal judge “see, my cartoon ape is vastly more valuable than Justin Bieber’s because it is in the top 14% rarity, so please award me millions of dollars of damages against the exchange that negligently allowed someone to buy my ape for 0.01 ETH.” “What is an ETH,” the judge might reasonably ask. “The ape is a computer image, what does it mean that someone else possesses it, or that it is rare,” the judge might reasonably ask. “Why can’t you just right-click and save it, then you’d have your ape back,” the judge might reasonably ask. “Who is Justin Bieber,” the judge might reasonably ask.