Yuga Labs Triumphs 

Yuga Labs, the force behind the Bored Ape Yacht Club (BAYC) NFT collection, secured a legal win on Oct. 26, as the court mandated two individuals to pay substantial damages and forfeit control of the RR/BAYC smart contract. 

The case revolved around Ryder Ripps and Jeremy Cahen's creation of the RR/BAYC NFT collection, mimicking BAYC's assets. The parody not only mimicked the artwork but also drew attention to alleged far-right affiliations, intensifying Yuga Labs' case against the defendants.

Ripps and Cahen were ordered to pay over $1.5 million, comprising profits and the transfer of a smart contract controlling valuable unminted NFTs. Deductions were applied, including payments to business partners and transfer of web domains to Yuga Labs, coupled with a ban on future sales using the Bored Ape trademark.

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The Legal Aftermath: Resolution and Future Steps

While Yuga Labs is set to recover costs, the precise attorney fees are yet to be determined, prompting a "meet and confer" between the parties. The ruling laid out a stringent timeline, emphasizing the submission of billing records by November 1, 2023, and subsequent discussions regarding billing rates and costs by November 13, 2023.

With this victory, Yuga Labs gained a leading position in the NFT field, setting a precedent for protecting intellectual property in the ever-evolving digital asset market.