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.
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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.
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Source: NFT Price Floor
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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
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