Landmark Win For Web3 As Yuga Labs Obtains Victory In Copyright Case
Yuga Labs, the maker of the well-known BAYC (Bored Ape Yacht Club) NFT collection, has declared legal victory in its trademark infringement case against Ryder Ripps and Jeremy Cahen. This development is being described as a significant win for the entire Web3 industry, rather than just a victory for Yuga Labs.
In a pre-trial summary judgment, a federal judge ruled that Yuga Labs is entitled to an injunction and damages from the duo. Yuga Labs took legal action against Ryder Ripps and his associate in June 2022, filing a trademark infringement lawsuit.
According to the allegations, they misled buyers by selling NFTs which were fraudulently equivalent to the BAYC collection under the pretense of humor, and they also harmed the credibility of the NFT collection with their allegations.
The United States District Court for the Northern District of California initially determined that Yuga Labs is the legitimate and enforceable owner of the BAYC trademarks. It was also discovered that Ryder Ripps and Jeremy Cahen used these trademarks without permission, potentially confusing potential buyers looking to purchase an authentic Bored Ape NFT.
Although the court stated unequivocally that Yuga Labs is entitled to monetary damages and injunctive relief, it nevertheless denied the motion put forth by the BAYC creators to determine damages in their case.
The issue of damages will therefore be decided during the trial, according to the court. Originally, Yuga Labs initially sought $200,000 in statutory damages, but the presiding judge denied this request.
Top News
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
10 months ago
11 months ago
11 months ago
11 months ago
11 months ago
11 months ago
More From The News
Press Releases
Payments
New Payment Limit For Crypto Wallets Scrapped
The recent Anti-Money Laundering re... Read more
Bitcoin
Bitcoin Undergoes Price Correction As International Economies
A significant portion of the crypto... Read more
Join Our Newsletter
Get the latest trends and updates on our crypto community.