A $9 million court decision favoring Yuga Labs in a dispute with artist Ryder Ripps and business partner Jeremy Cahen has been overturned by the US Court of Appeals for the Ninth Circuit.
The appellate court determined on July 23 that Yuga Labs hasn’t yet demonstrated a strong likelihood that the NFT endeavor created by Ripps and Cahen would confuse consumers. Consequently, the matter is being sent back to a district court in California for a comprehensive trial. Read the court documents here.
Yuga Labs co-founder Greg Solano communicated via X that they “will now finish the fight in the district court.” See the original post.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Ethereum 2.0? Upgrades Easily Explained With Animations
While the financial compensation was reversed, the court affirmed that NFTs can be classified as “goods” under US trademark regulations. This ruling could empower NFT creators to pursue legal action against similar projects that infringe on their intellectual property.
The panel of judges also concurred that Yuga Labs was the initial entity to utilize the Bored Ape Yacht Club brand in a commercial capacity. Solano indicated that this decision validates the trademark status of Bored Ape Yacht Club NFTs and termed it “a significant victory for all NFT owners.”
The lawsuit originated in 2022 when Yuga Labs filed suit against Ripps and Cahen concerning their NFT series, “Ryder Ripps Bored Ape Yacht Club.” Yuga contended that this series was a copy of their established Bored Ape Yacht Club NFTs.
The forthcoming phase of legal proceedings will delve further into Yuga Labs’ allegations regarding trademark infringement and cybersquatting.
In a related development, a legal action targeting Dolce & Gabbana’s US branch regarding a failed NFT project has been dismissed. Want to know why? Read the full story here to find out.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.