See More

Ripped Off: Yuga Labs Sues Artist Ryder Ripps Over NFT Trademark

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Yuga Labs filed a lawsuit against artist Ryder Ripps for allegedly infringing its Bored Ape NFTs trademark.
  • The lawsuit claims Ripps' "deliberate effort" to devalue authentic Bored Ape NFTs "is no mere monkey business."
  • Yuga Labs wants "Ripps off its mark for good."
  • promo

Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has filed a lawsuit against artist Ryder Ripps for allegedly infringing its trademark.

The lawsuit, filed in the U.S. District Court of Central California, claims that Ripps’ “deliberate effort” to devalue authentic Bored Ape NFTs by “scamming consumers into purchasing his own copycat NFTs… is no mere monkey business.”

“These actions are calculated, intentional, and willful with the stated purpose of causing actual and monetary harm to Yuga Labs and to the holders of authentic Bored Ape Yacht Club NFTs,” Yuga Labs alleged.

Copying is not satire, it is theft, says Yuga Labs

BAYC is a collection of 10,000 unique Bored Ape non-fungible tokens – a troop of computer-generated profile pictures of cartoon apes on the Ethereum blockchain. It is one of the most valuable collections, popular with celebrities such as Justin Bieber, Snoop Dogg, Mark Cuban and others. Each piece currently cost an average $103,000, according to CoinGecko.

Ripps, referred to in the suit as “a self-proclaimed ‘conceptual artist,'” in May created the RR/BAYC non-fungible token collection featuring similar BAYC images that he did not buy. Ripps’ NFTs amassed more than $3.5 million in total volume on OpenSea before being pulled down for alleged trademark infringement.

According to Yuga Labs, the artist “claims his actions are ‘satire,’ yet he conveniently rakes in millions in ill-gotten profit from sales of the RR/BAYC NFTs using Yuga Labs’ marks to make those sales. Copying is not satire, it is theft. And lying to consumers is not conceptual art, it is deception.”

The company, valued at about $4 billion, wants “Ripps off its mark for good.” It is seeking a judgement restraining the artist from “unfair competition, unjust enrichment, engaging in further interference with its prospective economic relations,” as well as damages.

Ryder Ripps, who has accused Yuga Labs founders of racism – a charge they denied – responded to the lawsuit on Twitter, quipping: “Are they going to sue Dame Dash and Ethan Klein too?” in reference to the American record executive, and comedian.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

6af87aff787ebed855a0c40745069e22?s=120&d=mm&r=g
Jeffrey Gogo
Jeffrey Gogo is a Zimbabwean financial journalist with more than 18 years of experience covering local and global financial markets; economic and company news. A climate change enthusiast, Gogo first encountered bitcoin in 2014 and began covering crypto markets in 2017.
READ FULL BIO
Sponsored
Sponsored