Yuga Labs Files Lawsuit Against Conceptual Artist

Yuga Labs has announced that it has filed a lawsuit against Ryder Ripps, a conceptual artist and programmer. The lawsuit purports that Ripps has been scamming buyers and attempting to devalue BAYC NFTs, as well as using BAYC IPs without permission.

In a Nutshell:

• Yuga Labs filed a 43 page lawsuit saying that Ripps was infringing on rights and was making slanderous claims.
• BAYC co-founder Gordon Goner has also published a blog post on the matter, dismissing the allegations of racism and Nazism.
• The BAYC community has strongly come out in support of Yuga Labs and the co-founders.

What it Means:

• More than the incident itself, it’s the outcome of the lawsuit that holds particular interest here. The legal declarations set out at the end of the case, should it be taken up, relating to the use of NFT IPs could have huge ramifications for the market.