Steve Aoki is facing a class-action lawsuit over undisclosed endorsements of NFTs produced by MetaZoo. The suit accuses unfair trade practices and false advertising, filed by Florida attorney Evan Berger. Berger says buyers were influenced by social media posts from Aoki and Matt Khalish, co-founder of DraftKings, who promoted the assets.
In 2021, Aoki became a part-owner of MetaZoo, a notable NFT enthusiast who paused a set to showcase a token he paid $859,000 for. Collaborations followed, including a drop of collectible cards tied to the DJ and producer’s 2022 album HiROQUEST: Genesis. At launch, the NFTs in question were priced at more than $150,000, but they have since lost much of their value, and MetaZoo has gone out of business and is not listed as a defendant.
The claimant aims to represent thousands of investors who lost money purchasing the series. He argues that undisclosed endorsements violated consumer-protection rules and that influencers should understand those rules as requirements, not suggestions. The lawsuit contends that prior to bankruptcy, MetaZoo had tens of millions in revenue attributable to the endorsements, and damages could reach tens of millions; Aoki has not issued a response yet.
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