Yuga Labs Settles BAYC NFT Lawsuit

Bored Ape, the creator of the Bored Ape NFT collection, has settled its two-year lawsuit against artists Ryder Ripps and Jeremy Cahen. The lawsuit, filed in 2022, accused Ripps and Cahen of trademark infringement by creating and selling the Rare Bored Ape Yacht Club NFT collection, which allegedly copied Bored Ape imagery and misled buyers. Ripps and Cahen argued their project was satire and protected under free speech. While a district judge initially sided with Bored Ape, awarding nearly $9 million in damages, an appeals court later overturned this, mandating a jury trial. The recent settlement avoids this trial, with undisclosed financial terms. However, Ryder Ripps and Jeremy Cahen are permanently prohibited from using Bored Ape' trademarks and imagery and must transfer control of associated smart contracts, domains, and remaining Rare Bored Ape Yacht Club NFTs to Bored Ape. This resolution reinforces intellectual property protection in the Non-fungible token space.