Yuga LabBored Ape Yacht Club’s parent company is in a legal dispute with the artist. Rider Lips For the last 6 months. The conflict includes his Ripps’ allegation that the Bored Ape Collection contains Nazi imagery, and another legal disagreement regarding Ryder Ripps’ own collection, his RR/BAYC. .
Yuga Labs sued Ripps for copyright infringement, claiming that Ripps was trying to mislead buyers by styling the collection to resemble the famous Bored Apes. Now Ryder and his business partner Jeremy Cahen have filed a counterclaim, alleging that Yuga Labs is ineligible for copyright protection.
When it comes to NFTs, there has been a lot of discussion about how copyright works and how owners can monetize their assets. In the case of Bored Apes, holding the NFT gives the owner intellectual property rights to the image and licenses many ape likenesses. This private ownership of each NFT is the basis of Ryder Ripps’ latest counterclaim against Yuga Labs. Essentially, the Bored Ape NFT argues that it is not clear enough to warrant an enforceable trademark.
myself and @Paulie 0xYugaLabs’ response and counterargument to the looting lawsuit has been filed here.https://t.co/jI0BE6hoq2
Some highlights 🧵: pic.twitter.com/pSNTxXs9Ly
—RYDER RIPPS 🔜 (@ryder_ripps) December 27, 2022
This case could have a major impact on the industry as it could set a precedent for how NFTs are used. If we move to a trial, the results could shape the future of the generative NFT collection as a whole.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.