Yuga Labs Files A Lawsuit Against An Artist In The BAYC NFT Case.
Yuga Labs, the developers of the Bored Ape Yacht Club Non-Fungible Tokens (NFTs), has filed a lawsuit against artist Ryder Ripps and his accomplices, accusing them of making and distributing “copycat NFTs” that devalue the originals.
The artist allegedly attempted to “devalue the Bored Ape NFTs by flooding the NFT market with his own imitation NFT collection using the original Bored Ape Yacht Club photos and labeling them “RR/BAYC” NFTs,” according to the lawsuit.
According to the lawsuit, Bored Ape NFTs “often resell for hundreds of thousands, if not millions, of dollars, and prominent celebrities are proud holders of Bored Ape NFTs,” and that only 10,000 Bored Ape NFTs exist, each one unique.
Yuga Labs is seeking a court order prohibiting Ripps and his partners from “further interference with its prospective economic relations,” as well as damages and attorneys’ fees.
Ripps stated on Twitter earlier this year that he had been “researching and posting on BAYC Nazi ties.” The founders of Bored Ape responded to these charges in a blog post on Friday.
The Yuga Labs case was filed on Friday in the US District Court for the Central District of California by legal firm Fenwick & West, and a 43-page document was tweeted by the Bored Ape Gazette early today.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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NFTs News
Yuga Labs Files A Lawsuit Against An Artist In The BAYC NFT Case.
Yuga Labs, the developers of the Bored Ape Yacht Club Non-Fungible Tokens (NFTs), has filed a lawsuit against artist Ryder Ripps and his accomplices, accusing them of making and distributing “copycat NFTs” that devalue the originals.
The artist allegedly attempted to “devalue the Bored Ape NFTs by flooding the NFT market with his own imitation NFT collection using the original Bored Ape Yacht Club photos and labeling them “RR/BAYC” NFTs,” according to the lawsuit.
According to the lawsuit, Bored Ape NFTs “often resell for hundreds of thousands, if not millions, of dollars, and prominent celebrities are proud holders of Bored Ape NFTs,” and that only 10,000 Bored Ape NFTs exist, each one unique.
Yuga Labs is seeking a court order prohibiting Ripps and his partners from “further interference with its prospective economic relations,” as well as damages and attorneys’ fees.
Ripps stated on Twitter earlier this year that he had been “researching and posting on BAYC Nazi ties.” The founders of Bored Ape responded to these charges in a blog post on Friday.
The Yuga Labs case was filed on Friday in the US District Court for the Central District of California by legal firm Fenwick & West, and a 43-page document was tweeted by the Bored Ape Gazette early today.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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