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NFT Artists Ordered to Pay $1.57 Million to Bored Ape Yacht Club Creator? đ„¶
In a significant #legal ruling, NFT artists Ryder Ripps and Jeremy Cahen were ordered by a US district court judge to pay Bored Ape Yacht Club (BAYC) creator Yuga Labs $1.57 million in disgorgement and damages, along with legal fees.
This case stemmed from Yuga Labs' claim that the defendants violated #copyright laws by creating copycat versions of its BAYC NFT collectibles.
The judge awarded Yuga Labs $1.37 million in disgorgement of the defendants' profits and an additional $200,000 in statutory damages for cybersquatting violations. The judge also deemed the trademark infringement an "exceptional case," entitling Yuga Labs to recover attorney fees and costs from the NFT artists.
The defendants' argument that their actions were "satire" and "parody" was rejected by the judge, who ruled that they intentionally infringed on BAYC #trademarks with the intent to profit. Despite a legal battle that began in June 2022, the artists continued to market and promote their copycat BAYC versions after a partial summary judgment against them in April.
This case underscores the legal complexities surrounding NFTs and intellectual property rights in the digital space.
#Binance
#crypto2023
In a significant #legal ruling, NFT artists Ryder Ripps and Jeremy Cahen were ordered by a US district court judge to pay Bored Ape Yacht Club (BAYC) creator Yuga Labs $1.57 million in disgorgement and damages, along with legal fees.
This case stemmed from Yuga Labs' claim that the defendants violated #copyright laws by creating copycat versions of its BAYC NFT collectibles.
The judge awarded Yuga Labs $1.37 million in disgorgement of the defendants' profits and an additional $200,000 in statutory damages for cybersquatting violations. The judge also deemed the trademark infringement an "exceptional case," entitling Yuga Labs to recover attorney fees and costs from the NFT artists.
The defendants' argument that their actions were "satire" and "parody" was rejected by the judge, who ruled that they intentionally infringed on BAYC #trademarks with the intent to profit. Despite a legal battle that began in June 2022, the artists continued to market and promote their copycat BAYC versions after a partial summary judgment against them in April.
This case underscores the legal complexities surrounding NFTs and intellectual property rights in the digital space.
#Binance
#crypto2023
