The creator of the Bored Ape Yacht Club non-fungible token (NFT) collection has advanced their trademark lawsuit against the Bored Panda media company. The creator, known as “Bored Ape,” accuses Bored Panda of infringing on their trademark and diluting the value of their NFT collection by using a similar name and marketing strategy.
Bored Ape’s NFT collection features digital artwork and memes, and has gained significant popularity on the Ethereum blockchain. Bored Panda, on the other hand, is a news and entertainment website that often covers NFTs and other topics related to the digital art world.
According to the lawsuit, Bored Ape claims that Bored Panda’s use of a similar name and branding has caused confusion among consumers and damaged the value of the Bored Ape NFT collection. Bored Ape is seeking damages and an injunction to prevent Bored Panda from using the name “Bored Panda” in connection with the sale of NFTs or any other digital art products.
This case highlights the importance of protecting trademarks in the growing market for NFTs, which are digital assets that are unique and cannot be exchanged for other assets of equal value. It remains to be seen how the case will ultimately be resolved, but it will likely have significant implications for NFT creators seeking to protect their intellectual property in the future.
In a symbolic move to transfer a valuable digital collectible from Ethereum to Bitcoin, the owner of Bored Ape Yacht Club (BAYC) #1626 burned the NFT, effectively removing it from circulation. Despite Yuga Labs deeming the Ape illegitimate, it remains a highly prized NFT, having sold for almost $432,000 in November 2021. Non-fungible tokens (NFTs) represent unique digital assets, including digital art, and are linked to a digital token recorded on a particular blockchain network, in this case Ethereum.