Monkey Business Gets Costly!
June 20, 2024 | Read Online | | | | | Hey Crypto Enthusiasts, | | Buckle up, because the NFT world just witnessed a major legal spectacle! Ryder Ripps and Jeremy Cahen have been slapped with a whopping $9 million penalty in the Bored Ape Yacht Club (BAYC) lawsuit. Here's the juicy rundown: | | COPYSCAPE
NFT Artist Ryder Ripps Ordered to Pay $9M in Landmark Bored Ape Yacht Club Lawsuit | | Key Points: | Massive Penalty: Ryder Ripps and Jeremy Cahen ordered to pay $9M in damages. Permanent Ban: The duo is barred from using the BAYC identifier in any form. Legal Costs: They're also on the hook for nearly $7M in legal fees. Appeal Pending: Cahen (aka "Pauly0x") confirmed they are appealing the decision.
| | Deep Dive: | In a landmark decision, NFT artist Ryder Ripps and Jeremy Cahen have been ordered to cough up $9 million to Yuga Labs, the creators of the iconic Bored Ape Yacht Club. The court not only imposed this hefty fine but also permanently barred them from using BAYC logos or trademarks. Plus, they have to hand over any infringing intellectual property to Yuga Labs within two weeks. Ripps and Cahen are also required to get rid of any remaining Ryder Ripps/BAYC NFTs, either by disposing of them or surrendering them to Yuga Labs. | This all started back in May 2022 when Ripps and Cahen launched a suspiciously similar NFT collection, leading Yuga Labs to sue them for trademark infringement. Despite Ripps' claim that his NFTs were a form of artistic criticism, the court found them guilty and ordered them to pay over $1.5 million in damages back in October. Now, with this latest ruling, the price tag on their monkey business has skyrocketed. | | Why it matters: | This case sets a critical precedent in the NFT space, underscoring the importance of protecting intellectual property and trademarks. Yuga Labs' victory serves as a stark reminder that even in the wild west of decentralized tech, the law still reigns supreme. As the NFT market continues to grow, expect more legal battles to shape its future. | | Stay ahead of the curve with all the latest in the NFT world! Click HERE for the full scoop on this landmark case and what it means for the future of digital art. | | Catch you on the blockchain,
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