The nft space is buzzing with activity currently. Yuga Labs recently won a lawsuit in which nft artists Ryder Ripps and Jeremy Cahen paid $1.6 million in infringement compensation.
While everyone’s attention remains focused on bitcoin and the crypto market in general, a lot has also happened in parallel in the non-fungible token (nft) market. CryptoPunks nft holders had a unique opportunity to acquire physical versions of their digital artwork for a limited 48-hour period. This exclusive offering came about thanks to a collaboration between Yuga Labs, the owner of the CryptoPunks brand, and online art store Avant Arte.
During the brief sales period, two different physical versions of CryptoPunks were available. “Punk-On-Chain” was reserved exclusively for owners of CryptoPunks NFTs, while “10,000 On-Chain” comprised a printed collection of all 10,000 CryptoPunks, accessible to the general public.
Large German companies take advantage of NFTs
Unlike the crisis prevailing in the nft market, numerous German companies have integrated NFTs into their corporate strategies. Notably, the German postal service is likely to unveil its inaugural limited-edition collectible stamp on November 2, 2023, a unique fusion of NFTs and artificial intelligence.
Similarly, Mercedes-Benz, the renowned German automobile company, presented its third nft collection, “The Age of Luxury,” in September. This collection features digital collectibles that serve as contemporary reinterpretations of iconic designs spanning the brand’s seven distinct design eras.
Lufthansa, in partnership with the Lufthansa Innovation Hub and Miles & More, its frequent flyer program, has introduced an innovative nft loyalty program on the Polygon network. The innovative program revolves around the Uptrip mobile app, which allows travelers to transform their trips into NFTs. These NFTs then open the doors to a variety of rewards, including mileage bonuses and access to business lounges.
Ryder Ripps pays $1.6 million to Yuga Labs
In settling an ongoing nft lawsuit, the US District Court judge ordered nft artists Ryder Ripps and Jeremy Cahen to compensate Bored Ape Yacht Club creator Yuga Labs with 1. $57 million, covering restitution, damages and legal fees.
Yuga Labs filed the lawsuit alleging copyright violations by Ripps and Cahen in their creation of copycat versions of the famous Bored Ape Yacht Club nft collectibles. The nft giant first filed the lawsuit against the creators in June 2022.
“A trademark case is generally considered exceptional for purposes of awarding attorneys’ fees when a party has taken positions that can be characterized as malicious, fraudulent, deliberate, or willful,” the judge said. noted.
Judge Walter rejected the defendants’ claim that their Bored Ape Yacht Club (BAYC) copycat versions constituted “satire” and “parody.” The ruling found that the defendants had intentionally infringed Yuga’s BAYC marks with the intention of profiting from them, dismissing their argument.
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Bhushan is a financial technology enthusiast and has a keen knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his spare time he reads suspense and fiction novels and sometimes explores his culinary skills.
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