Yuga Labs Demands $1.79M in court over Intellectual Property

by Nik Asti

Published: July 19, 2023 at 4:00 am Updated: July 19, 2023 at 8:32 am

by Danil Myakin

Edited and fact-checked: July 19, 2023 at 4:00 am

In Brief

Yuga Labs is seeking to reclaim illicit profits from counterfeit BAYC NFTs and is setting a precedent for enforcing intellectual property rights within the NFT market.

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection, is making a significant move to protect its intellectual property. They’re embroiled in a legal battle, demanding a withdrawal of roughly $1.59 million, plus an additional $200,000, linked to counterfeit BAYC NFT sales.

Yuga Labs Fights for Intellectual Property: Demands $1.79M over Counterfeit BAYC NFTs

In a reveal made by OKHotshot on Twitter, court documents shed light on Yuga Labs’ fight. The popular NFT creator maintains that the RR/BAYC NFT generated by the counterfeiting operation infringes upon statutory damages.

This case has stirred considerable discussion within the cryptocurrency community. Many are closely watching the evolving legal battles around intellectual property rights and non-fungible token (NFT) integrity. This is not surprising, as NFTs rapidly gain popularity and become more entrenched in the digital world.

Yuga Labs requests $1,589,455 of @ryder_ripps and @Pauly0x RR/BAYC's profits and $200,000 in statutory damages, new court documents released yesterday show. Thoughts? 👇 pic.twitter.com/lNujtl6wM6
— OKHotshot (@NFTherder) July 18, 2023

Yuga Labs NFT

The case’s importance goes beyond Yuga Labs; it is a milestone in the broader fight against NFT counterfeiting and infringement. The lawsuit aims to reclaim illegal profits from these counterfeit NFTs and establish a strong stance against intellectual property violations in the growing NFT market.

As Yuga Labs pursues the counterfeit operation, they emphasize the crucial need to enforce intellectual property rights. Their legal actions are not only about the substantial amount of money involved but also a commitment to protecting their work’s originality.

The crypto community is waiting for the case’s outcome, which could have far-reaching implications. Depending on how Yuga Labs’ request for withdrawal pans out, it could potentially shape future legal actions involving intellectual property rights and NFTs. This would underscore the importance of maintaining authenticity and originality within the dynamic crypto ecosystem.

Yuga Labs has created a BAYC Community Council to help foster collaboration and discussion among NFT holders and creators.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti