So, we’re bringing you a new feature today called “What’s The Story?” where we take two companies in the same industry and give them an entirely different story. Today: Yuga Labs vs. Ryder Ripps! We’ll uncover what happened here between these blockchain-based gaming apps that were ultimately sued for scamming consumers with forged apes.
In a newly filed case, Ryder Ripps was charged with defrauding customers “using phony bored apes.” The Bored Ape Yacht Club (BAYCcreator, )’s Yuga Labs, filed a lawsuit, alleging that Ryder Ripps made a “deliberate attempt” to undervalue BAYC NFTs. On June 24, 2022, the case was submitted to the Los Angeles-based US District Court for the Central District of California.
According to the lawsuit, the internet agitator defrauded collectors with NFTs that were deceptively similar in order to hurt Yuga Labs at the cost of customers. A blockchain token called an NFT, or non-fungible token, is used to verify ownership of tangible or digital assets including artwork, photographs, and more.
The Ethereum NFT collection RR/BAYC, which has BAYC-like photos the artist didn’t buy, was made by Ripps. According to the allegation, Ripps engaged in a “pump and dump” scam that netted him more than $5 million from more than 1,000 consumers. Conceptual artist Ripps, who is described in the lawsuit as “self-proclaimed,” originally issued his RR/BAYC NFTs on Foundation around May 13.
When Ripps contested the DMCA takedown notice, Yuga Labs withdrew it. Due to “a allegation of intellectual property infringement,” OpenSea was forced to delete Ripps’ collection, but not before the biggest NFT marketplace saw almost $3.5 million in total volume transacted.
According to the complaint, Ripps actively promoted the NFT knockoffs on social media using Yuga Labs’ trademarks, giving some customers the impression that Ripps and Yuga Labs were collaborating.
Image from the 6/24/22 lawsuit filed by Yuga Labs against Ryder Ripps
Ripps purportedly absolved himself of blame by asking if Dame Dash or Ethan Klein would also be sued in response to the case on Twitter. According to a tweet from Yuga Labs, the organization “will continue to be upfront with our community as we battle these slanderous accusations” and “will continue researching and pursuing all legal alternatives at our disposal.” Yuga Labs wants the lawsuit to be decided by a jury.
This is no simple monkey business, the complaint claims, among other things. The declared goal of these premeditated, purposeful, and willful activities is to hurt Yuga Labs and the owners of genuine Bored Ape Yacht Club NFTs both physically and financially.
In the spring of 2021, Bored Ape Yacht Club burst onto the scene with the release of a collection of 10,000 NFTs avatars created on Ethereum. Since then, the Yuga Labs product has developed a devoted fan base that includes stars like Eminem, Stephen Curry, and Snoop Dogg. A BAYC NFT’s current floor price is 98.5 ETH ($200,000), while Opensea’s total trading volume has surpassed $1 billion. According to Crytoslam, BAYC NFTs have generated revenues of more than $2.2 billion since their launch.
On Twitter and Instagram, Ripps accused Yuga Labs of “baseless claims of racism.” He also took part in the controversial artwork “Ho” and “Barbara Lee.” Additionally, he has worked with Kanye West.
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