Yuga Labs, creator of the popular Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection, has filed a lawsuit against artist Ryder Ripps for alleged trademark infringement.
L’lawsuitfiled in the Central California District Court, claims that Mr. Ripps’ “deliberate move” to devalue genuine Bored Ape NFTs by “scamming consumers into buying his own copycat NFTs…is not just that.” ‘just a dodgy business’.
“These actions are calculated, intentional and deliberate, with the stated purpose of causing actual and pecuniary harm to Yuga Labs and holders of genuine Bored Ape Yacht Club NFTs,” Yuga Labs alleged.
The copy is not a satire; According to Yuga Labs, it’s theft
BAYC is a collection of 10,000 unique non-fungible tokens named Bored Ape: a horde of computer-generated cartoon ape profile pictures on the Ethereum blockchain. It is one of the most valuable collections on the market, popular with celebrities such as Justin Bieber, Snoop Dogg, Mark Cuban and others. Each coin currently costs an average of $103,000, according to CoinGecko.
In May, Ryder Ripps, described in the lawsuit as a self-proclaimed “concept artist,” created the RR/BAYC non-fungible token collection with similar images of Bored Apes that he did not purchase. Ripps’ NFTs amassed over $3.5 million in total volume on OpenSea before being taken down for alleged trademark infringement.
According to Yuga Labs, the artist “claims his actions to be ‘satire’, but he conveniently pockets millions of dollars in ill-gotten profits from sales of RR/BAYC NFTs by using Yuga Labs’ trademarks to perform these sales. Copying is not satire, it is theft. And lying to consumers isn’t concept art, it’s trickery.”
NFT, valued at around $4 billion, is asking that “Ripps be stripped of its brand for good.” She calls for a judgment prohibiting the artist from “unfair competition, unjust enrichment, continued interference with his future economic relations”, as well as damages.
Ryder Ripps, who has for his part accused the founders of Yuga Labs of racism – a charge they deny – responded to the legal action on Twitter with the following message: “Will they also sue Dame Dash and Ethan Klein?”, in reference to the record producer and American comedian.
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Yuga Labs Files Lawsuit Against Artist Ryder Ripps for NFT Trademark Infringement – BeinCrypto
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