Yuga Labs, the creator of popular NFT collection Bored Ape Yacht Club, has filed a lawsuit against Ryder Ripps and co-founder Jeremy Cahen. The complaint was initially filed in July 2022, and it alleges that the duo engaged in trademark infringement, false advertising, and unfair competition.
The lawsuit, which was filed in the United States District Court for the Southern District of New York, claims that Ripps and Cahen created a copycat version of the Bored Ape Yacht Club, called the Cool Cats NFT collection. Yuga Labs alleges that the Cool Cats collection infringes on their trademark, and that it was created with the intention of deceiving consumers into thinking it was affiliated with the Bored Ape Yacht Club.
The complaint also alleges that Ripps and Cahen engaged in false advertising by claiming that the Cool Cats collection was created by a different team of artists, and that it was not affiliated with the Bored Ape Yacht Club. Yuga Labs claims that this was a deliberate attempt to mislead consumers, and that it has caused irreparable harm to their brand.
In addition to trademark infringement and false advertising, the complaint also alleges that Ripps and Cahen engaged in unfair competition. Yuga Labs claims that the Cool Cats collection was created with the intention of competing directly with the Bored Ape Yacht Club, and that it has caused significant damage to their business.
The lawsuit seeks damages for trademark infringement, false advertising, and unfair competition. Yuga Labs is also seeking an injunction to prevent Ripps and Cahen from continuing to sell the Cool Cats NFT collection.
The Bored Ape Yacht Club has become one of the most popular NFT collections in the world, with individual apes selling for hundreds of thousands of dollars. The collection has also spawned a number of spin-off projects, including Mutant Ape Yacht Club and Dogs of Elon.
The Cool Cats NFT collection was launched in June 2022, and it quickly gained popularity among NFT collectors. The collection features cartoon cats with various accessories, and individual cats have sold for as much as 50 ETH.
The lawsuit filed by Yuga Labs is just the latest in a series of legal disputes in the NFT space. As the market for NFTs continues to grow, it is likely that we will see more lawsuits and legal challenges in the future.
In the meantime, the Bored Ape Yacht Club and the Cool Cats NFT collection will continue to compete for the attention of NFT collectors around the world.
