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Key Takeaways
NFT artist Ryder Ripps and his associate Jeremy Cahen have been ordered by a US court to pay Bored Ape Yacht Club (BAYC) developer Yuga Labs nearly $9 million in profits alongside other penalties for infringing on BAYC’s intellectual property.
Court Order Details
Ripps and Cahen must pay Yuga Labs $8.6 million in profits made from their copycat “Ryder Ripps/BAYC” NFT collection. They have also been permanently banned from using the BAYC identifier in logos or trademarks.
US District Judge John Walter also ordered Ripps and Cahen to transfer any infringing intellectual property, including codes, passwords, and credentials to Yuga Labs within two weeks. Ripps and Cahen must also dispose of or surrender any remaining Ryder Ripps/BAYC NFTs to Yuga Labs for destruction.
They are also required to cover approximately $7 million in legal fees from the lawsuit.
Ripps Plans to Appeal the Ruling
Despite the final judgment, Ripps stated in a February 3, 2024 tweet that they are appealing the outcome in the Ninth Circuit Court of California and the case is ongoing.
Background of the Legal Battle
In June, Yuga Labs sued Ripps and Cahen for creating and promoting “copycat NFTs,” alleging these actions devalued the original BAYC NFTs. Yuga Labs claimed Ripps used identical trademarks to those used by BAYC’s actual creator, creating market confusion.
Ripps countered the lawsuit in August, claiming his NFTs were appropriation art meant as artistic criticism.
By October, the court ordered Ripps and Cahen to pay Yuga Labs over $1.5 million in damages for trademark infringement.
The case’s significance lies in establishing a precedent for protecting intellectual property and trademarks in the NFT and crypto markets.
The post Yuga Labs Wins Legal Battle Against NFT Artist Ryder Ripps appeared first on Althalla.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.