Yuga Labs vs. Ryder Ripps: Decoding the impact of the lawsuit on the performance of ‘Apes’

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Yuga Labs is the lime­light again. How­ev­er, this time around the NFT giant announced that it has filed a law­suit against old crit­ic Ryder Ripps in a 43-page tes­ti­mo­ny in Cal­i­for­nia. The founder of the famous Bored Ape Yacht Club [BAYC] claim that Ripps has been “scam­ming” buy­ers with false­ly equiv­a­lent NFTs attempt­ing to harm the stand­ing of the apes in the NFT mar­ket­place. Let’s see if the law­suit affect­ed BAYC sales and vol­ume since the announcement.

Ryder Ripps had this com­ing since a long time and Yuga Labs has final­ly tak­en a step for­ward. The law­suit also comes a day after co-founder Gor­don Goner post­ed a blog on Medi­um and Twit­ter. The blog post refers to claims about Yuga Labs hav­ing racist under­tones as cat­e­gor­i­cal­ly false. Goner even went to say that BAYC was cre­at­ed by Cuban, Pak­istani, Turk­ish, and Jew­ish friends. He then went on to rub­bish rumors sug­gest­ing they are “Secret Nazis”.

The law­suit states that, “This is no mon­key busi­ness… These actions are cal­cu­lat­ed, inten­tion­al, and will­ful with the stat­ed pur­pose of caus­ing actu­al and mon­e­tary harm to Yuga Labs and to the hold­ers of authen­tic Bored Ape Yacht Club NFTs.”

Ripps start­ed the cam­paign against BAYC back in Jan­u­ary when he cre­at­ed a web­site called gordongoner.com. The web­site lays out issues as per Ripps in the BAYC col­lec­tion and why he regards the NFT cre­ators as racists. The artist also claims the BAYC logo has rad­i­cal sim­i­lar­i­ties with the Nazi Totenkopf emblem.

A quick look at the NFT performance chart

BAYC wit­nessed a slow start in June 2022 as a result of the cryp­to crash in May. With insti­tu­tion­al liq­ui­da­tions, the dig­i­tal assets mar­ket took a mas­sive hit and con­se­quent­ly so did the NFTs. How­ev­er, there has been a revival in the NFT mar­ket after lat­est signs of mar­ket recovery.

It seems that the BAYC com­mu­ni­ty is stand­ing strong with Yuga Labs. There has been a tremen­dous surge in the BAYC col­lec­tion. The vol­ume of the col­lec­tion is show­ing immense growth amid fears of a fall­out. But the num­bers have held well which should be a good bit of news for the BAYC community.

Sales have remained con­sis­tent as per data from Cryp­toSlam. On 25 June, BAYC sales had jumped to $1.30 mil­lion and at press time, this num­ber has already crossed $1.65 mil­lion. Cur­rent­ly ranked at #2 on the dai­ly chart of NFT sales vol­ume, the BAYC col­lec­tion refus­es to sur­ren­der to legal ambi­gu­i­ty. And the sil­ver lin­ing for Goner and his team is that the BAYC com­mu­ni­ty is behind them on this one.

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