January 28, 2023

Yuga Labs’ Lawsuit: Evaluating the Effects on Apes’ Performance

Yuga Labs hit the headlines again, revealing about filing a suit against critic Ryder Ripps. The NFT giant presented 43-page evidence in California.

Bored Ape Yacht Club founder claims Ripps has been tricking investors with fake NFTs equivalent, trying to hurt apes’ status in the non-fungible token marketplace. Let’s check whether the lawsuit impacted BAYC volumes and sales.

Ryder Ripps saw this coming for a long and Yuga Labs has taken the step. Moreover, the suit comes one day after Gordon Goner, a co-founder, posted on Twitter and Medium.

The post highlighted claims that Yuga Labs boasts racist undertones as firmly wrong. Also, Goner added that Cuban, Jewish, Turkish, and Pakistan fried created the Bored Ape Yacht Club. He then rubbished rumors calling them “Secret Nazis.”

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Ripps kick-started the move against Bored Ape Yacht Club in January after creating the gordonginer.com website. The site reveals Ripps’ issues with the BAYC collection and the reasons behind the NFT creators being racist. Moreover, the artist claims the Bored Ape Yacht Club logo boasts radical resemblances to the Nazi Tokenkopf emblem.

NFT Performance Chart

Bored Ape Yacht Club saw slow stats in June this year, following the May crypto crash. Meanwhile, the overall cryptocurrency market saw massive deterioration amidst institutional liquidations. NFTs succumbed to such developments, crashing in prices. Nevertheless, the NFT market saw revivals following recent market recovery signals.

Also Read:  Indonesian Religious Leaders Declare Crypto as ‘Haram’

It appears that the Bored Ape Yacht Club community stands strong to support Yuga Labs. BAYC collection has seen an enormous surge. For instance, the collection’s volume reveals a massive growth amidst fallout fears. Meanwhile, numbers held well, somewhat impressive news for the NFT community.

CryptoSlam data shows sales stayed consistent. On June 25, Bored Ape Yacht Club sales increased to $1.30 million. Moreover, this number crossed the $1.65 million mark at this publication.

For now, BAYC ranks second on the daily NFT chart for sales volume. That shows BAYC isn’t ready to submit to legal uncertainty. The best thing is that Gorner and the team have a community back in this battle.

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What are your thoughts about the BAYC lawsuit? You can comment below.

Editorial credit: T. Schneider / shutterstock.com


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