- A court document says Yuga Labs lacks copyright registration.
- A number of celebrities are also being sued for endorsing the NFT line.
- Additionally, Yuga Labs has sued developers twice over the Ripps collection.
According to a recent tweet by whalechart.org, a recent court ruling asserts that Yuga Labs lacks copyright registration in their Non-Fungible Tokens (NFTs) collection Bored Ape Images.
The decision comes in the ongoing case between Ryder Ripps, who is an American conceptual artist, programmer, and creative director, and Yuga Labs, which happens to be the parent company of Bored Ape Yacht Club.
The infamous FTX exchange firm’s demise not only had an impact on the bitcoin market, but it also created tension in the expanding NFT industry.
This comes after Yuga Labs accused Ryder Ripps of a number of things, including false advertising, trademark infringement, and cybersquatting, for using photographs from the well-known NFT collection in his own NFT collection. Ripps has not been sued by BAYC’s parent firm for copyright violations.
Celebrities connected to BAYC were accused of artificially inflating the value of the NFTs in December of last year. Justin Beiber was one of the famous people mentioned, and it was claimed that he had been paid to use dishonest advertising to promote the NFT line.
During the NFT surge, Yuga Labs’ creators were the first to introduce a new benefit: they declared that purchasing an NFT also included copyright interest, allowing owners to create anything from t-shirts to TV shows using the image of the Bored Ape they owned.
In related reports, Yuga Labs have accused NFT developers have recently tricked NFT users into purchasing fake NFT collections. Among the accused are Ryan Hickman and Thomas Lehman the two who have been accused of participating in the sale of Ripp’s NFTs.
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