Yuga Labs, the maker of the Bored Ape Yacht Club NFT collection, has filed a lawsuit against the conceptual artist Ryder Ripps claiming that he was "trolling" the company. The artist was accused of trademark infringement.
Yuga Labs is Suing an Artist Due to Misusing the Trademarks
According to the story by Gizmodo, the NFT collection is owned by a lot of popular individuals, celebrities, and artists alike, including Paris Hilton, Justin Beiber, and even Jimmy Fallon. The company behind it, Yuga Labs, is suing an artist on the basis that they believe that the artist is devaluing the BAYC collection.
The company behind the NFT collection filed a trademark infringement lawsuit in California directly against a Los Angeles-based conceptual artist by the name of Ryder Ripps. As per Yuga's claims, Ripps has been misusing the trademarks directly for their benefit and "the detriment of the company's digital art."
Company Behind BAYC Claims the Conceptual Artist Aims to Devalue the Collection
When BAYC first launched, its NFT market took the world by storm, with influencers, celebrities, and athletes all buying in. As per the lawsuit, Ryder Ripps was accused of "trolling Yuga Labs and scamming consumers into purchasing RR/BAYC NFTs" by misusing the company's trademark.
Yuga Labs said that the conceptual artist aims to devalue the BAYC NFTs by flooding "his own copycat NFT collection" with the use of the original BAYC image. Ripps' NFT collection is called the "RR/BAYC" NFTs.
Ripps Posts His Thoughts and Defense on Twitter
As per Ripps, he claims that he is operating under the auspices of "fair use and satire" and not a blatant ripoff. He posted a tweet sharing how Yuga Labs has been "actively trying to silence the research on gordongoner.com" including thousands of people that have taken issue with a lot of elements regarding their project.
Ripps noted that the lawsuit "grossly mischaracterizes" the project and that the buyers of his NFT collection knew that they were minting the NFTs as a protest against and a parody of BAYC. He also noted that "no one was under the impression that the RR/BAYC NFTs were substituted for BAYC NFTs or would grant them access to Yuga's club."
Gizmodo notes that Yuga Labs has "been trying to keep his findings quiet for months."
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Conceptual Artist Says Buyers Acknowledge a Disclaimer When Buying His NFTs
The conceptual artist stated that buyers acknowledged a disclaimer whenever they purchased an NFT from his collection. Ripps stated that he is a passionate supporter of the principles of free speech and the blockchain.
The lawsuit is reportedly the most recent indecent surrounding the Bored Ape Yacht Club collection. Shortly before filing the lawsuit, BAYC's Instagram followers lost millions of dollars following a hack that happened in April.
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This article is owned by Tech Times
Written by Urian B.
