Post By: CryptosHeadlines.com
A U.S. court has ruled that Ryder Ripps and Jeremy Cahen must pay Yuga Labs $1.57 million in a lawsuit related to Bored Ape Yacht Club (BAYC) NFTs. Yuga Labs received $1.37 million for disgorgement and an additional $200,000 in statutory damages. The court rejected the “satire” defense, stating that the defendants intentionally infringed on BAYC trademarks.In California, a U.S. court has ruled that NFT artists Ryder Ripps and Jeremy Cahen must pay $1.57 million to Yuga Labs, the creator of Bored Ape Yacht Club (BAYC). This payment is for disgorgement and damages and brings an end to a lengthy legal dispute over alleged copycat NFTs.
This decision stems from a prior partial judgment earlier this year, where the court found in favor of Yuga Labs. Yuga Labs had accused Ripps and Cahen of violating copyright laws by creating NFTs resembling BAYC collectibles.
The court granted Yuga Labs $1.37 million as compensation for the defendants’ profits and added an extra $200,000 in statutory damages for cybersquatting violations. Trademark and copyright attorney Neer McD provided insights on this matter on the X platform.

Yuga Labs is set to recover legal fees from NFT artists Ryder Ripps and Jeremy Cahen as ruled by Judge John Walter. This is because the judge deemed the trademark infringement to be an exceptional case. He clarified that attorney fees can be awarded in trademark cases when a party’s actions are considered malicious, fraudulent, deliberate, or willful.
Moreover, the judge dismissed the defendants’ assertion that their copycat Bored Ape Yacht Club (BAYC) versions were a form of satire or parody. Walter ruled that the defendants intentionally infringed on Yuga Labs’ BAYC trademarks with the clear intent of making a profit. He also noted that the defendants continued to promote their counterfeit BAYC versions even after a partial summary judgment was issued against them in April.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoMarket #Bitcoin #CryptoNews #YugaLabs #BAYC

The #Ethereum non-fungible token (NFT) market is experiencing a significant increase in trading volume, reaching levels not seen since late February of the previous year. This resurgence in activity underscores a growing interest and investment in the #NFT space, particularly on the Ethereum blockchain.
At the heart of this surge is the rivalry between two prominent NFT collections: Pudgy Penguins and the Bored Ape Yacht Club (BAYC). Pudgy Penguins is rapidly gaining ground, threatening to overtake BAYC as the NFT collection with the second-highest market cap, following the leader, CryptoPunks.

Innovations and Developments
Pudgy Penguins is not just making waves in terms of sales volume. The collection is actively expanding its ecosystem with the development of "Pudgy World," an interactive gaming experience set to debut on the Apple Vision Pro. This initiative reflects a broader trend among NFT collections to offer more than just digital ownership, venturing into immersive digital experiences and utilities.
In response, Yuga Labs, the creator of #BAYC and owner of #CryptoPunks, is advancing its own digital frontier with the Otherside metaverse. A third "trip" test for this virtual world is on the horizon, showcasing the ongoing innovation within the NFT space and the push for engaging digital environments.
Ethereum NFT Market Dynamics
Despite the impressive sales volume, the rate of new NFTs being minted on Ethereum has remained steady over the past year. This indicates that the current market excitement is primarily driven by the trading of existing NFTs, rather than the creation of new ones.
The Block, an independent media outlet dedicated to the crypto industry, continues to provide objective and timely information. With Foresight Ventures as a majority investor, The Block emphasizes its independence in delivering news, research, and data that impact the crypto space.
The recent surge in Ethereum NFT trading volume, led by the competition between Pudgy Penguins and BAYC, highlights the dynamic and evolving nature of the NFT market. As collections like Pudgy Penguins push the boundaries of what NFTs can offer, the landscape of digital ownership and online experiences is set for further expansion and innovation.
$ETH

Yuga Labs, the powerhouse behind the iconic Bored Ape Yacht Club, has announced its acquisition of Proof, the studio known for the Moonbirds collection. This strategic acquisition marks a major consolidation in the #NFT space, bringing together two of the most influential entities in the market.
Yuga Labs' Expansion: Beyond Bored Ape Yacht Club
Yuga Labs, renowned for its pioneering role in the NFT domain, has consistently led the charge in integrating art, culture, and community through blockchain technology. The acquisition of Proof, a direct competitor best known for its Moonbirds collection, signifies Yuga Labs' ambition to further dominate the industry. "As a company committed to championing art, culture, and community on the blockchain, we’re excited to have PROOF join the Yuga ecosystem," stated Daniel Alegre, CEO of Yuga Labs.

Despite the buzz surrounding the acquisition, Yuga Labs has kept the financial details under wraps. Proof, founded by entrepreneur Kevin Rose, has been a notable player in the NFT market, though its Moonbirds collection has struggled to consistently match the sales volumes seen by Yuga Labs' Bored Ape Yacht Club.
Yuga Labs plans to integrate Moonbirds into its Otherside metaverse, a gamified virtual world. "Moonbirds is a collection with great potential and many unifying brand elements with Otherside," Alegre commented. "We look forward to PROOF Collective becoming an important part of our ongoing art and community engagement efforts."
The NFT market has seen fluctuating trading volumes, with a significant peak during 2021 and 2022. Bored Ape Yacht Club's NFTs, for instance, surpassed $200 million in monthly sales volume several times during this period. Moonbirds also saw a notable spike in April 2022, with trading volumes nearing $500 million. However, the brand's sales have since cooled, often not exceeding $5 million in monthly sales.
As part of the acquisition, Kevin Rose will transition to an advisory role following a brief handover period. Yuga Labs will also take control of other Proof brands, including Moonbirds' spinoff collections Oddities, Mythics, and Grails. Rose expressed enthusiasm for the merger, stating, "Excited to bring Moonbirds into Otherside," and highlighting the potential for accelerated innovation and expanded reach resulting from the combined resources of the two companies.
This acquisition not only signifies a pivotal moment for Yuga Labs and Proof but also reflects broader trends in the NFT market, where consolidation may become increasingly common as companies strive to innovate and capture larger audiences. With the backing of prominent investors like Andreessen Horowitz, both companies are well-positioned to lead the next wave of growth and creativity in the blockchain space.
#BAYC #YugaLabs

As a result of the discovery of a suspicious transaction, ParaSpace, an #NFT Lending platform, has announced the suspension of operations.

No transactions, including deposits, withdrawals, or liquidations, are currently possible on ParaSpace.

They are currently looking into it and will provide an update as soon as they learn more. Also, users have been made aware that the project's remaining property is still secure.

In addition, the auditing firm BlockSec reported that it had found an attack on the ParaSpace network, protecting about 2,900 #ETH (nearly $5 million) from hackers and sparing many #BAYC investors losses.

The lending effort ParaSpace has received recognition from the community on the NFTFi array.

ParaSpace has only been operational for two months at this time. It garnered the second-highest TVL on the same track without providing token incentives. In comparison to other NFT loans, its products are full of minor nuances that help customers and are better suited to the habits of veteran #DeFi gamers.

Although only recently launching its mainnet version, BendDAO has been surpassed by ParaSpace to take the top spot on the TVL ranking among NFT Lending efforts.

The Goerli Network testnet was released by ParaSpace on November 14, 2022, inviting participants to participate through the three separate activities of Traveler, Explorer, and Settler.

DeFi systems have recently come under more assault. This took place as a result of a recent hacking assault in which Euler Financial lost almost $200 million. Despite the hacker's capture being the subject of a $1 million prize from the initiative, the attacker began to distribute the money obtained through Tornado Cash.