Yuga Labs, the creator of the popular Bored Ape Yacht Club (“BAYC”) non-fungible token (NFT) collection, has sued an artist in Los Angeles federal court, accusing him of selling identical NFTs that are confusing potential buyers.
NFTs are unique blockchain tokens that prove ownership of a digital or physical asset, such as a piece of artwork or memorabilia.
The lawsuit alleges trademark infringement, false advertising, unfair competition and cybersquatting. Yuga Labs asked the court for an order blocking Ripps from using its trademarks and an unspecified amount of monetary damages. Yuga Labs, valued at $4 billion, is seeking a jury trial to fight Ripps’ “slanderous claims” and “continuous infringement.”
There is statutory protection for a parody as a defense to a trademark dilution claim, but not for a trademark infringement claim. In the case of Ripps, there is great potential for confusion. The logo and images are the same, even if the meaning is different and this is likely a problem. Ripps promotes and sells these RR/BAYC NFTs using the very same trademarks that Yuga Labs uses to promote and sell authentic BAYC NFTs.
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