This is not just a monkey business. Remember, a few months ago, hundreds of digital portraits of little monkeys were met with huge success online. With their ultra original Gorillaz style look, these monkey NFTs continue to be traded in the market today at gold prices. A collection of 10,000 non-tradable tokens is computer generated on the Ethereum blockchain.
This is one of the most popular collectibles on the market and many famous artists such as Justin Bieber and Snoop Dog have popularized it. Knowing that a single piece in the collection averages $103,000, there is nothing to worry about at first glance for the future of the company behind Bored Ape Yacht Club.
Since Yuga Labs has sued Rydder Ripps, a self-proclaimed concept artist accused of intentionally copying BAYC’s NFTs, the truth is much more complicated than it seems.
Yuga Labs Files Complaint After Bored Ape Yach Club NFTs Stolen
It was even filed in a California court this weekend. Ripps accused of being the author of a plot “calculated, deliberate and voluntary” harming the BAYC collection while promoting their own work.
The main source of conflict comes from the concept artist’s RR/BAYC NFT series. This NFT series uses BAYC images but links them to a different crypto token. A clever sleight of hand that allowed Ryder Ripps to sell his works for $200 each,
BAYC’s cost around $100,000 per unit.
The case shows that “A deliberate effort to harm Yuga Labs. Consumers are at all expense, causing confusion as to whether these RR/BAYC NFTs are somehow affiliated or linked to the official Yuga Labs BAYC.”
Charged with false advertising and trademark infringement, Ribbs defends his work, specifically identifying it as a derivative of the art of discovery. “NFTs are meant to change meaning, originate and get rid of censorship ». The artist also said on Twitter that his recipients were clearly told they were not getting an official Bored Ape. One thing is for sure, the war has only just begun.
