Saturday, March 2, 2024

Yuga Labs Lawsuit Targets Ryder Ripps’ Efforts To Devalue BAYC NFTs

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Yuga Labs lawsuit targets artist Ryder Ripps claiming that he has a deliberate effort to devalue Bored Ape Yacht Club NFTs and claiming that the NFT collection has nazi symbolism so let’s read more today in our latest cryptocurrency news today.

The Yuga Labs lawsuit targets the artists and claims that the online artist Ryder Ripps has been scamming buyers with fake NFTs in a deliberate effort to harm Yuga Labs at the expense of the consumers. NFTs are unique blockchain tokens that prove ownership over digital or physical assets like artwork or video gaming. Ripps referred to in the suit as a “self-proclaimed conceptual artist” is the creator of RP/BAYC an ETH NFT collection that features BAYC images that he didn’t purchase.

Ripps started minting his PR/BAYC NFT after the Yufa sent him an initial DMCA takedown claim and rescinded the claim when Rippls fought it. OpenSea is the biggest NFT marketplace since removed the Ripps collection because of the claim of intellectual property infringement but not before reaching $3.5 million in total volume traded.

Ripps commented on the lawsuit on Twitter but didn’t respond to the questions about the BAYC co-founder Gordon Goner who called him e “demented troll.” Yuga Labs wrote on Twitter that the group will continue being transparent with the community as they are fighting these claims and that it will continue exploring all other legal options at its disposal. The company valued at $4 billion is seeking a jury trial. Reading from the lawsuit documents:

 “This is no mere monkey business… These actions are calculated, intentional, and willful with the stated purpose of causing actual and monetary harm to Yuga Labs and to the holders of authentic Bored Ape Yacht Club NFTs.”

As recently reported, One of the Yuga Labs and BAYC founders Wylie Aronow or better known as Gordon Goner, took it to Twitter to address the misinformation campaign which claims that he and his team are secret Nazis. The BAYC founder criticized the rumors and said that if he started paying attention in the past to these unbalanced accusations, he didn’t provide a response like the one today on Youtube where he talked about the 6-month investigation documenting what he thinks is a connection between the BAYC corporate image and the nazi symbolism.

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