American Financial Live
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
American Financial Live
No Result
View All Result
Home Investing

NFT Artist Ryder Ripps Must Dish Out $9M to Yuga Labs

by
February 5, 2024
in Investing
0
NFT Artist Ryder Ripps Must Dish Out $9M to Yuga Labs

NFT artist Ryder Ripps and associate Jeremy Cahen must pay Bored Ape Yacht Club (BAYC) developer Yuga Labs nearly $9m in profit disgorgement.

Both have been permanently banned from using the BAYC identifier in any logos or trademarks, a final court judgment on Friday showed.

Additionally, US District Judge John Walter ordered them to transfer any infringing intellectual property. This includes codes, passwords, and credentials, to Yuga Labs within two weeks.

They must dispose of any remaining Ryder Ripps/BAYC NFTs they have, or surrender them to Yuga Labs to burn.

According to the order, Ripps and Cahen must cover about $7m in legal fees from the long-standing lawsuit.

NFT Legal Drama to Persist?


Yuga Labs has emerged victorious in the precedent-setting NFT case. But Cahen, who goes by “Pauly0x” on X, said that the two are pursuing an appeal in the Ninth Circuit Court of California.

“Case is ongoing,” he added.

BREAKING

On a Saturday, The Federal Court has entered its final judgement against me in my case vs. YugaLabs.

Judgement Total: $9,112,496.50

(Note: My name is misspelled in the order)

We are appealing this outcome in the Ninth Circuit Court of California.

Case is ongoing. pic.twitter.com/fHcEsbBL6a

— PAULY (@Pauly0x) February 3, 2024

So, why is the Ryder Ripps/ Yuga Labs case significant? It establishes a precedent for safeguarding intellectual property and trademarks within the NFT and crypto markets. It shows that creators and companies can legally protect their intellectual property and trademarks, even in emerging and decentralized tech environments.

Yuga Labs’ action against unauthorized NFT use reinforces this importance in the NFT market.

Timeline of Yuga Labs’ NFT Legal Battle


Ripps and Cahen launched the Ryder Ripps Bored Ape Yacht Club NFT collection in May 2022. It closely resembled Bored Apes, which Ripps accused of perpetuating Nazi symbolism.

In June, Yuga Labs sued Ripps and his associate, alleging the creation and promotion of “copycat NFTs” that devalued the authentic ones.

Yuga claimed that Ripps marketed and sold the collection using identical trademarks to those employed by BAYC’s actual creator. According to them, it was a deliberate attempt to undermine Yuga by creating uncertainty among consumers about the association between RR/BAYC NFTs and the genuine BAYC.

Ripps then sought to challenge the lawsuit in August, asserting his NFTs constituted a form of appropriation art intended as artistic criticism.

By October, Judge Walter ordered Ripps and Cahen to pay Yuga Labs over $1.5m in damages. This decision came after an earlier ruling that found them guilty of trademark infringement.

The post NFT Artist Ryder Ripps Must Dish Out $9M to Yuga Labs appeared first on Cryptonews.

Previous Post

El Salvador’s Pro Bitcoin President Nayib Bukele Claims Victory in Re-election Poll

Next Post

20+ Best VPN-Friendly Casinos for 2024

Next Post
20+ Best VPN-Friendly Casinos for 2024

20+ Best VPN-Friendly Casinos for 2024

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case

    DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case

    January 14, 2025
    ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration

    ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration

    January 14, 2025
    Most Americans rate Biden as ‘failed’ or ‘fair’ president: new poll

    Most Americans rate Biden as ‘failed’ or ‘fair’ president: new poll

    January 14, 2025

    About American Financial Live

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Latest News

    • DOJ releases former Special Counsel Jack Smith’s report on investigation into Trump election interference case
    • ‘Waste less, save more’: DOGE caucus member rolls out expansive bill package ahead of Trump inauguration
    • #29193 (no title)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • Thank you

    Copyright © 2025 americanfinanciallive.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2025 americanfinanciallive.com | All Rights Reserved