In a recent development, NFT artists Ryder Ripps and Jeremy Cahen have been directed by a United States District Court Judge to pay a substantial sum of $1.57 million in disgorgement and damages. The ruling, a victory for Bored Ape Yacht Club (BAYC) creator Yuga Labs, brings an end to an extended copyright dispute between the parties.
In the recent order, Judge John Walter adjudicated in favor of Yuga Labs, awarding $1.37 million in disgorgement of the defendants' profits. Additionally, $200,000 in statutory damages was granted to Yuga Labs for cybersquatting violations. The court found evidence of bad faith intent to profit on the part of the defendants.
Ripps and Cahen must pay the penalty fee of $1.57 million along with Yuga Labs' legal fees. The court mandates the transfer of smart contracts of allegedly copied NFTs and relinquishment of online assets by the defendants.
The ruling marks a significant legal victory for Yuga Labs, affirming the protection of intellectual property rights in the burgeoning NFT landscape. The decision underscores the importance of respecting copyright laws and upholding ethical standards in the digital realm. Despite attempts by the defendants to challenge the lawsuit, the court's judgment reinforces accountability and underscores the consequences of copyright infringement in the NFT space.
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