Yuga Labs Files Suit Against Artist Producing Copycat BAYC Collection

WikiBit 2022-06-27 15:06

Yuga Labs, the blockchain business behind the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection, has launched a lawsuit against digital artist Ryder Ripps and his colleagues for creating a Bored Apes knockoff.

　　Yuga Labs stated in a 43-page complaint filed in California on Friday that Ryder and his cohorts' move is an attempt to degrade the commercial value of the Bored Ape NFTs. The team stated that there are only 10,000 Bored Apes in the world, and many famous people are pleased to use them as their digital identities.

　　According to the suit, Ryder and his crew are constructing a new collection using original copies of their flagship NFTs and branding it “RR/BAYC” NFTs. The petition asks the court to stop Ryder and his team from “interfering further with its prospective economic contacts,” as well as to order them to pay damages and attorneys' fees.

　　Ryder has recently been on the front lines, accusing Bored Ape of manufacturing the NFTs with Nazi ties, an allegation Yuga Labs has refuted with facts.

　　Yuga Labs is undoubtedly the most well-known name in the Web3.0 ecosystem, and in addition to its BAYC collection, it now owns the IP to the CryptoPunks and Meebits collections after purchasing them earlier this year. The firm has been releasing excellent goods for its NFT holders, including the Otherside metaverse project, which aims to develop a media empire that will feature and benefit all of these NFTs.

　　One of the lawsuits being pursued by the Yuga Labs team is for infringement on its intellectual property. The business has been identified as the defendant in a number of lawsuits brought by disgruntled holders, particularly in relation to the frequent breaches of its social media account, which resulted in the loss of precious NFTs.

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