Yuga Labs, the parent company of the Bored Ape Yacht Club, has been engaged in a legal dispute with artist Ryder Ripps for the last six months. The conflict includes Ripps’ allegations that the Bored Ape Collection contains Nazi imagery and a separate legal disagreement involving Ryder Ripps’ own collection, RR/BAYC.Yuga Labs claims that Ripps is trying to mislead buyers by styling his collection after the famed Bored Apes and sued him for copyright infringement. Now, Ryder and his business partner Jeremy Cahen have filed a countersuit claiming that Yuga Labs is not entitled to copyright protection. Details About the CaseWhen it comes to NFTs, much debate has surrounded how the copyrights work and how owners may monetize their assets. In the case of Bored Apes, holding an NFT entitles the owner to the intellectual property rights for the image, with many licensing likeness of their apes. This individual ownership of each NFT forms the basis of Ryder Ripps’ latest countersuit against Yuga Labs. Essentially arguing that the Bored Ape NFTs are not distinct enough to warrant an enforceable trademark. Myself and @Pauly0x‘s response and counter claims to YugaLabs predatory lawsuit has just been filed here :https://t.co/jI0BE6hoq21/some highlights 🧵: pic.twitter.com/pSNTxXs9Ly— RYDER RIPPS 🔜 (@ryder_ripps) December 27, 2022This case has the potential to be highly influential for the industry, as it may set a precedent for how NFTs are used. Should it go to trial, the outcome will likely shape the future of generative NFT collections across the board.Want more? Connect with NFT PlazasJoin the Weekly NewsletterJoin our DiscordFollow us on TwitterLike us on FacebookFollow us on Instagram*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
Source link
