Yuga Labs enhances its presence in the metaverse and NFTs with the acquisition of PROOF, planning to transport Moonbirds to Otherside, expanding its digital universe. Below we see all the details.
Yuga Labs’ new programs in the metaverse and NFTs
As anticipated, Yuga Labs, the leading company in the web3 media and lifestyle sector, creator of Bored Ape Yacht Club, Otherside, TwelveFold and owner of Meebits, CryptoPunks and 10KTF, has officially acquired PROOF.
Which includes PROOF Collective, Moonbirds, Oddities, Mythics and the Grails exhibition series.
The acquisition of all PROOF assets, including the team, intellectual property, and artistic portfolio, perfectly aligns with Yuga’s vision of becoming the leading platform in the web3 landscape.
Yuga will start the integration process by bringing Moonbirds inside Otherside, a place designed to bring together content creators, communities, and brands, thus creating a social fabric in the world of web3.
Daniel Alegre, CEO of Yuga Labs, stated the following:
“As a company deeply committed to promoting art, culture, and community on the blockchain, we are excited to welcome PROOF into the Yuga ecosystem. Moonbirds represents a collection with huge potential and many brand features in common with Otherside. We look forward to PROOF Collective becoming a key element in our ongoing artistic and community engagement efforts.”
The objectives: innovation and a broader audience
Kevin Rose, CEO and founder of PROOF, will spend a short period of transition before taking on the role of business consultant.
In addition to the PROOF team that will join Yuga’s positions, Josh Ong, Jesse Bryan, and Amanda Gadbow will oversee the transition process of the Moonbirds collection and other key elements within the Yuga ecosystem.
Kevin Rose, CEO and founder of PROOF, stated:
“We are excited to integrate Moonbirds into Otherside. It is the home and ideal future for our collectors. With the entry of the PROOF Collective on board, we demonstrate Yuga’s commitment to digital art, and our combined resources will allow us to innovate more quickly and reach a wider audience. It will be an exciting journey.”
Yuga Labs wins legal battle to defend NFT trademarks
Yuga Labs has recently achieved a significant legal victory against artists Ryder Ripps and Jeremy Cahen.
The federal court has issued a historic ruling condemning the two artists to pay nearly 9 million dollars in damages and sanctions for copyright infringement.
Specifically representing a crucial recognition for the protection of intellectual property rights in the emerging space of digital resources.
The court’s decision rejected the counterclaims of the defendants, strongly supporting Yuga Labs, which holds exclusive rights to BAYC.
This verdict sets an important precedent, emphasizing that standard laws on intellectual property apply with the same force in the context of NFTs.
The controversy concerns the NFT collection “RR/BAYC” by Ripps and Cahen, launched in 2022, which imitated the valuable Bored Ape Yacht Club, violating the trademarks and intellectual property of Yuga Labs.
The judgment ordered the two artists to pay 1.57 million dollars, but a subsequent statement imposed on them a total penalty of almost 9 million dollars, including the reimbursement of illegal profits, legal expenses, and irreparable damages to the BAYC brand.
The court has ordered Ripps and Cahen to permanently transfer to Yuga Labs websites, social media accounts, NFTs, and promotional material associated with their collection, emphasizing the seriousness of the copyright infringement in the digital world.
This victory strengthens Yuga Labs’ position in defending the rights of its brands in the Web3 space, even though the BAYC collection faces economic challenges with the collapse of the minimum NFT price.
