Yuga Labs, the company behind the famous Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has just won a legal battle against Jeremy Cahen and Ryder Ripps. The latter were accused of having created a collection of NFTs called Ryder Ripps Bored Ape Yacht Club (RR/BAYC), which copied the distinctive features of the original BAYCs.
Yuga Labs Receives Court Favor
A little less than a year after the start of the legal proceedings initiated by Yuga Labs against Jeremy Cahen and Ryder Rippsjustice will have finally ruled in favor of the company behind the collection of non-fungible tokens (NFT) Bored Ape Yacht Club (BAYC).
In June 2022, Yuga Labs decided to take legal action against the 2 individuals due to their collection of NFT Ryder Ripps Bored Ape Yacht Club (RR/BAYC) modeled on the features of the original BAYC.
In his defence, Ryder Ripps claimed a few months later that his collection did not constitute just a simple satire of the BAYC collectionwhich he had previously accused of carrying Nazi symbols and racist caricatures.
Thus, the United States trial court will have finally acknowledged to Yuga Labs full ownership of its flagship collection. The judge ruled that the RR/BAYC collection “ was created with the intention of misleading » and that it was in no way related to any form of artistic expression. At the same time, the domain names relating to the collection have also been labeled as cybersquatting.
👉 To deepen – Binance NFT: How to create, sell and buy NFTs on this marketplace?
Buy NFTs on Binance
Discover Binance’s NFT Marketplace 🔥
Bored Ape Yacht Club plaza
Launched in April 2021, the Bored Ape Yacht Club (BAYC) collection is quite possibly the most iconic in the NFT ecosystem. Composed of 10,000 pieces, the latter was a dazzling success and saw its famous monkeys adopted by big celebrities such as Eminem, Snoop Dogg, Stephen Curry, Madonna, Post Malone or even Travis Barker.
Initially sold at 200 dollars during the official launch of the collection, these NFTs are now trading for several hundred thousand dollars and constitute the collection that observes the largest daily volumes, alongside its parallel collections (Mutant Ape Yacht Club, Otherdeed for Otherside, Bored Ape Kennel Club), since its launch.
The BAYC floor price, after having experienced an ATH (highest price reached) at the beginning of May 2022 of 153 ETH, is now moving around 50 ETH. A sharp drop, but which remains to be compared with a global fatigue of the NFT market.
Evolution of the BAYC floor price
The reasons for this success remain in particular in the “club” mechanism that the collection popularized, buyers of an NFT subsequently unlocking many side benefits depending on the roadmap of such and such a project.
👉 To read also – Cinema and NFT: return to the fiasco of Plush, the animated film praised by French influencers
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Source: NFT Price Floor
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
678 items
;Resize=(1200,627)&hash=17b6c9762d14236736a39978c08a1dddaf56e5c5f754f0586234d17285e7a961 "Ooono Co-Driver for less than 40 euros – This speed camera detector is forbidden, but it can also save lives")
