A Fine of Nearly $9 Million for Ryder Ripps:
- Ryder Ripps has been ordered to pay $9 million to Yuga Labs for copyright infringement.
- The ruling highlights the importance of intellectual property in the NFT ecosystem.
- This decision could set a precedent for future copyright cases in the cryptocurrency industry.
Yuga Labs Emerges Victorious in Trial against Ryder Ripps
Ryder Ripps, a controversial artist and developer, has been ordered to pay a whopping $9 million in damages to Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club (BAYC).
This judge’s decision follows a lengthy legal battle centered around allegations of copyright infringement.
The conflict began when Ripps created and sold NFTs that closely resembled Yuga Labs’ original works, raising questions about the boundaries of artistic creation and the use of intellectual property in the NFT industry. Yuga Labs responded by filing a lawsuit, claiming that Ripps not only violated their copyrights, but also misled the public and devalued their brand.
About a month after the lawsuit was filed, Ripps stated that he would only settle the case in exchange for a $100 billion payment, a sum he believes reflects the real and potential value of the impact of his work on the NFT industry.
Yuga Labs at the Top of the NFT Market
Out of the $9 million that Ripps will ultimately have to pay to Yuga Labs, $7 million is allocated for attorney fees.
The court’s decision in favor of Yuga Labs is not only a victory for the company, but also a strong signal to the NFT industry regarding the importance of respecting copyrights. By awarding substantial damages, the court emphasizes the value of intellectual property and the seriousness of the consequences in case of infringement.
The BAYC collection is currently trading at a floor price of 24.63 ETH and remains the NFT collection with the highest trading volume of all time.
