BIG3 Basketball League NFT Buyers Sue Over $25K-$5K Tier Fraud; SPAC Deal at $290M Valuation Intensifies Claims

According to Decrypt, NFT buyers of Ice Cube's BIG3 basketball league filed a class action lawsuit on July 8 alleging fraud tied to 2022 Ethereum NFT sales. Fire tier NFTs sold for $25,000 and Gold tier for $5,000, with BIG3 promising holders permanent ownership stakes, voting rights, season tickets, and revenue sharing. The league did not fulfill these commitments.

In 2024, BIG3 sold four teams to external investors for approximately $40 million—proceeds that plaintiffs argue should have been distributed to NFT holders as the league's earliest private investors. BIG3 countered that disputes must be resolved through confidential arbitration. Last month, BIG3 announced a planned SPAC merger valuing the league at $290 million; plaintiff attorneys said they will amend their claims accordingly.