Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collection, is escalating its legal battle by demanding $400,000 from several influencers’ cryptocurrency wallets.
This move is part of an ongoing lawsuit related to alleged unauthorized use of BAYC NFTs.
Yuga Labs filed the lawsuit against a group of influencers who reportedly used BAYC NFTs without permission for commercial purposes. The company claims these actions violate its intellectual property rights and the terms of the NFT ownership. The lawsuit seeks compensation for damages and an injunction to prevent further unauthorized use.
In a notable legal strategy, Yuga Labs is not just seeking monetary damages through traditional means; it has also targeted the influencers’ crypto wallets directly. The company is demanding that $400,000 be seized from these wallets, which hold various cryptocurrencies including Ethereum (ETH), to cover the alleged damages.
This approach highlights the increasing intersection of legal enforcement and blockchain technology, where digital assets can be directly involved in litigation and compensation claims.
This case underscores the growing importance of intellectual property rights in the NFT space, where ownership of digital art and assets is often complex and contested. It also signals to influencers and content creators the risks associated with using NFTs commercially without proper authorization.
Legal experts note that Yuga Labs’ aggressive stance could set a precedent for how NFT-related disputes are handled in the future, especially regarding the enforcement of rights through blockchain asset seizures.
The crypto market remains volatile but active, with Ethereum (ETH) trading around $1,790 and Bitcoin (BTC) near $94,000 as of the latest data. The value of NFTs like BAYC remains significant, making disputes over their use and ownership highly consequential.
Notably, Yuga Labs executive “Quit” warns that Ethereum’s price could plummet to $200-$400 in an extreme bear market, citing historical trends that suggest an 80-90% drawdown is possible.
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