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NFTs News

Yuga Labs Demands $1.79M for Counterfeit RR/BAYC Infringement

July 19, 2023 - Around 2 mins mins to read

Key Points:

  • Yuga Labs seeks to withdraw $1.59M in legal battle over counterfeit BAYC NFTs.
  • The ongoing legal battles surrounding intellectual property rights and the integrity of NFTs.
  • Yuga Labs aims to reclaim the illicit profits from counterfeit BAYC NFTs and underscores the importance of enforcing intellectual property rights within the NFT market.
OKHotshot took to Twitter to reveal court documents that shed light on Yuga Labs’ legal actions.
image 1222

The documents state that Yuga Labs has made a request to withdraw approximately $1.59 million (US$1,589,455) in addition to $200,000 from profits derived from the sale of the counterfeit disc. Yuga Labs argues that the RR/BAYC NFT produced by the counterfeit operation violates statutory damages.

The tweet by OKHotshot sparked a flurry of discussions within the crypto community, highlighting the ongoing legal battles surrounding intellectual property rights and the integrity of non-fungible tokens (NFTs). Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, has been actively pursuing legal action against those involved in counterfeiting and infringement.

Yuga Labs Demands 1.79M for Counterfeit RRBAYC Infringement

Yuga Labs aims to reclaim the illicit profits gained from the sale of counterfeit BAYC NFTs. The requested withdrawal of approximately $1.59 million and an additional $200,000 emphasizes the seriousness of the matter and YL’s commitment to protecting their intellectual property.

Yuga Labs argues that the counterfeit BAYC RR/BAYC NFTs have violated statutory damages. This claim underscores the importance of enforcing intellectual property rights within the rapidly growing NFT market. The case serves as a significant precedent in establishing legal boundaries and deterring future counterfeit operations within the crypto space.

Yuga Labs Demands 1.79M for Counterfeit RRBAYC Infringement 1

As the legal proceedings unfold, the outcome of YL’ request for withdrawal and the determination of statutory damages will likely have far-reaching implications for the wider crypto community. The case could potentially set precedents for future legal actions involving intellectual property rights and NFTs, reinforcing the importance of maintaining integrity and originality within the crypto ecosystem.

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.

BAYC

OKHotshot

RR/BAYC

Yuga Labs

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
NFTs News

Yuga Labs Demands $1.79M for Counterfeit RR/BAYC Infringement

Key Points:

  • Yuga Labs seeks to withdraw $1.59M in legal battle over counterfeit BAYC NFTs.
  • The ongoing legal battles surrounding intellectual property rights and the integrity of NFTs.
  • Yuga Labs aims to reclaim the illicit profits from counterfeit BAYC NFTs and underscores the importance of enforcing intellectual property rights within the NFT market.
OKHotshot took to Twitter to reveal court documents that shed light on Yuga Labs’ legal actions.
image 1222

The documents state that Yuga Labs has made a request to withdraw approximately $1.59 million (US$1,589,455) in addition to $200,000 from profits derived from the sale of the counterfeit disc. Yuga Labs argues that the RR/BAYC NFT produced by the counterfeit operation violates statutory damages.

The tweet by OKHotshot sparked a flurry of discussions within the crypto community, highlighting the ongoing legal battles surrounding intellectual property rights and the integrity of non-fungible tokens (NFTs). Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, has been actively pursuing legal action against those involved in counterfeiting and infringement.

Yuga Labs Demands 1.79M for Counterfeit RRBAYC Infringement

Yuga Labs aims to reclaim the illicit profits gained from the sale of counterfeit BAYC NFTs. The requested withdrawal of approximately $1.59 million and an additional $200,000 emphasizes the seriousness of the matter and YL’s commitment to protecting their intellectual property.

Yuga Labs argues that the counterfeit BAYC RR/BAYC NFTs have violated statutory damages. This claim underscores the importance of enforcing intellectual property rights within the rapidly growing NFT market. The case serves as a significant precedent in establishing legal boundaries and deterring future counterfeit operations within the crypto space.

Yuga Labs Demands 1.79M for Counterfeit RRBAYC Infringement 1

As the legal proceedings unfold, the outcome of YL’ request for withdrawal and the determination of statutory damages will likely have far-reaching implications for the wider crypto community. The case could potentially set precedents for future legal actions involving intellectual property rights and NFTs, reinforcing the importance of maintaining integrity and originality within the crypto ecosystem.

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.