Yuga Labs will not give away rights to Bored Ape NFT collections

Recently, Yuga Labs talked about the fact that they will give the rights to non-fungible tokens to their owners. Now they began to contradict what was said earlier and changed their mind. This means that the intellectual property rights to NFT images from the Bored Ape Yacht Club collection will remain with Yuga Labs.

Fenwick & West, which maintains Yuga Labs, decided to comment on the scandal and litigation that involved the creators of the NFT collection Bored Ape Yacht Club and Ryder Ripps. Recall that Ripps previously took BAYC tokens and sold them as his collection under the name “RR/BAYC”. She was essentially a modification of the Bored Ape Yacht Club and misled people.

Yuga Labs immediately decided to sue in order to protect their intellectual property rights, accusing Ripps of violating them. However, the law firm Haldanes, which is studying this situation, noticed an interesting fact that surprised everyone. The 44-page lawsuit did not contain the term “copyright” in principle, resulting in a lot of discussion on the Internet about this topic.

Users are unsure of exactly what ownership rights Yuga Labs has, and their uncertainty over licenses leaves it doubtful that they own the copyright to the tokens they sell. In March of last year, the creators of the NFT collection began to talk about the possible transfer of such rights to the owners of non-fungible tokens, but now they have begun to argue the opposite.

Law firms continue to investigate the issue of the concept of "copyright" in the collection of Bored Ape Yacht Club and could not find it. This suggests that, hypothetically, anyone can sell these tokens, as Ryder Ripps did when he released the RR/BAYC collection.

After the situation began to gain momentum and more and more users questioned the need to purchase tokens that do not even have a copyright, this affected the collection of Bored Ape Yacht Club. Immediately, their trading rate dropped by 30%, and Seth Green, the actor who was in charge of producing the series based on the set of non-fungible tokens, stopped this process. One of the characters captured in the BAYC collection was listed as the protagonist of an animated series.

Seth Green, by the way, is also known for creating the famous animated series Robot Chicken, which gained great fame, and also took part in the development of the Mass Effect trilogy and played one of the significant roles there. If he could complete production of the animated series about Bored Ape Yacht Club, it could bring even more popularity to the collection.

Soon, Bored Ape Yacht Club tokens are very likely to begin to lose in price as it was in 2022. Then some coins lost 80%, 85%, 90% and even 95%+ of the initial value. Unlike last year, when this was due to the fall of the cryptocurrency market as a whole, now the situation will have a completely different background.

Experts from the analytical company Galaxy Digital report that Yuga Labs is lying to its investors. A similar situation was in August 2022, when research showed that Yuga Labs was misleading on the issue of intellectual property rights. According to analysts, the studio that produced the NFT collections does not care about the topic of intellectual property and simply sells a license to use non-fungible tokens, not licenses for digital works.