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Post: Dismissal of Counterclaims in BAYC NFT Lawsuit: Artists Ordered to Pay $9 Million in Compensation

Dismissal of Counterclaims in BAYC NFT Lawsuit: Artists Ordered to Pay $9 Million in Compensation

Key Points:

  • Ryder Ripps and Jeremy Cahen’s counterclaims against Yuga Labs in the lawsuit regarding the Bored Ape Yacht Club (BAYC) NFTs have been rejected.
  • The artists have been ordered to pay nearly $9 million in compensation to Yuga Labs, including disgorgement and other statutory damages.
  • The lawsuit stems from the creation of unauthorized versions of BAYC NFTs by Ripps and Cahen, specifically the Ryder Ripps BAYC (RR/BAYC) collection.

Dismissal of Counterclaims in BAYC NFT Lawsuit

Ryder Ripps and Jeremy Cahen have had their counterclaims dismissed in the ongoing lawsuit against Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFTs. The judge ruled in favor of Yuga Labs earlier this year, finding that Ripps and Cahen violated copyright laws by creating unauthorized versions of BAYC NFTs.

Order to Pay Compensation

In addition to the dismissal of their counterclaims, Ripps and Cahen have been ordered to pay approximately $9 million in compensation to Yuga Labs. This includes disgorgement and other statutory damages. The order represents a significant financial setback for the artists.

Ryder Ripps BAYC Collection

Ripps and Cahen launched the Ryder Ripps BAYC (RR/BAYC) collection in May 2022, which used the BAYC brand without authorization. The unauthorized collection played on the well-known BAYC NFTs and resulted in the legal dispute with Yuga Labs.

Hot Take

This ruling highlights the importance of respecting intellectual property rights, even in the context of the rapidly evolving NFT market. Copyright infringement can have serious consequences, as demonstrated by the substantial compensation ordered in this case. Artists and creators should always ensure they have the necessary permissions and licenses for their work to avoid legal disputes and financial penalties.

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