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🚀 🚀 NFT Drama Unfolds: Yuga Labs vs. Ryder Ripps

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter hunting for grails. So, let's dive into what's happening in the NFT space over the weekend.

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  • Sotheby's to Auction Off 3AC Portfolio of "Grails" Collection NFTs

  • Yuga Labs Wins Big in NFT Lawsuit Against Ryder Ripps and RR/BAYC

  • Half Moons 🌗 - Daily tidbits

  • NFTevening's Shooting Star 🌠 - Our artist of the day

  • Dark Side of The Meme 🌚 - your daily dose of NFT laughter

To the Moon index

Sotheby’s to Auction Off 3AC “Grails” Collection of Rare NFTs!

You know what they say - one person's loss is another's gain. And now, you can gain a piece of NFT history by owning a part of the "Grails" collection.

The "Grails" collection was one o the rarest drops ever, and includes CryptoPunks, Autoglyph, and works by Dmitri Cherniak.

So why would anyone want to part with such iconic pieces? Well, unfortunately for them, this isn't a willing choice! Three Arrows Capital (3AC) previously owned all of the seven collectibles. However, they filed for bankruptcy last July, and now their assets are being liquidated.

That's got to hurt.

Sotheby's will be auctioning off the 3AC portfolio. They auction house was chosen by a group of joint liquidators to maximise the assets' value, as per a British Virgin Islands court order.

Speaking on partnering with Sotheby's, the liquidators said: “We chose to partner with Sotheby’s digital art team on the sale of this expansive NFT collection because we believe that they bring a best-in-class approach that will ultimately maximize the value of these assets on behalf of all creditors."

The key pieces up for auction are:

  • CryptoPunk #6649 (with zombie traits)Autoglypth #187 by Larva Labs

  • “The Golden Goose” by Dmitri Cherniak

  • “Chromie Squiggle” #1708 by Snowfro 

The fun doesn't end there! The auction house will also offer one of Tyler Hobbs’ Fidenza NFTs, and other representative digital works of the past few years. 

So if you're looking to pick up a slice of NFT and art history, get your crypto-wallets ready. The first sales from the collection will take place during Sotheby’s marquee sale week this May in New York.

Yuga Labs Wins Big in NFT Lawsuit Against Ryder Ripps and RR/BAYC Project

Arch rivals Yuga Labs and Ryder Ripps have been involved in an ongoing dispute for months, but it seems the lawsuit may finally be coming to an end.

Basically, Bored Ape Yacht Club creators Yuga Labs have won a significant victory in its lawsuit against NFT artist Ryder Ripps and the RR/BAYC project. For those new here (hi frens!) let's get you up to speed: The lawsuit claims that Ripps and collaborators stole Yuga's IP without permission, and used it to create RR/BAYC.

The case has been ongoing for several months, with Yuga Labs seeking damages for trademark infringement and other causes of action."Yeah you can copy my homework but don't make it obvious"

In a recent ruling, Judge Walter grants Yuga’s motion for summary judgment on multiple causes of action. Damages will be determined at trial, but this is still a significant win for Yuga Labs.

The 22-page ruling dictates the actions by BAYC and how RR/BAYC infringes Yuga’s copyrights. Here's some key points for those following along at home:

  •  Judge Walter found that Yuga Labs owns the BAYC marks, even though they did not register them and Yuga Labs is entitled to monetary damages and injunctive relief.

  • The court found that the domains registered and used by Ryder Ripps and his collaborators are likely to cause confusion, and they operate with bad faith intent to profit.

  • RR and collaborators argued that the 'Rogers' test applies (a test that protects some uses of trademarked works in artwork), the court said 'lol no that doesn't apply here'.

The ruling goes on, also mentioning the 'unclean hands' defence, DMCA takedowns issue, and 'Fair Use' policies.

Unfortunately, we can't fit all that in the newsletter, so if you want to know more about the Yuga Labs victory against Ryder Ripps, head to our site!

Half Moons 🌓

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  • NFT Flipper is Manipulating the CloneX Floor on BLUR [NFTEvening]

Shooting Star 🌠

Zodin Alogos is an A.I artist, curator, and audiophile. Their creation, R.A.I.A (Rhapsody Aesthetic Intelligence Algorithm) is their very first NFT. Follow Zodin on Twitter @ZodinAlogos to learn more.

Featured Art: R.A.I.A

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