Yuga Labs Set to Replace BAKC Collection Logo Following Piracy Claims
It looks like the logo of the Bored Ape Kennel Club (BAKC) NFT collection was utilized without the artist’s permission. A Twitter user, JdotColombo, was the first to notice and called out Yuga Labs, the collection’s creators, for copyright infringement. The image’s original creator (@EasyDrawingGuide) confirmed that Yuga Labs didn’t hold a license connected to the logo.
Yuga Labs launched the BAKC NFTs in May 2021 and then trademarked its logo last November. However, EasyDrawingGuide posted a similar wolf skull image four months earlier on Twitter.
EasyDrawingGuide provides people interested in drawing with step-by-step instructions to make cartoonlike drawings of different objects and animals. In addition, its website features terms and conditions that restrict the commercial use of its content.
While responding to the piracy allegations, Yuga Labs co-founder Grey Solano said the firm had contracted a freelancer to design the logo. He added that he had contacted both EasyDrawingGuide and the freelancer as part of the Yuga Labs’ investigation into the matter.
Further, Solano announced that Yuga Labs would remove and replace the BAKC logo on the project’s website and requested NFT marketplaces to follow suit.
Yuga Labs and Its BAKC Collection
The BAKC NFT collection was distributed free to every wallet holding Yuga Labs’ popular project, Bored Ape Yacht Club. According to Salano, the collection was meant to raise funds for charity. Last month, Yuga Labs reported that it had managed to raise over $1.2 million for animal charities.
As of this writing, the Bored Ape Kennel Club collection has a market cap of more than $110 million, according to CoinGecko. Other Yuga Labs NFT projects, including Bored Ape Yacht Club and Mutant Ape Yacht Club, have market caps of $1.23 billion and $505 million, respectively.
Yuga Labs NFT Market Success
A Yuga Labs financial report leaked last December revealed that the firm had made massive profits over the past two years. According to the report, Yuga Labs posted net revenues of $126 million and $450 million in 2021 and 2022, respectively. However, it remains to be seen if the firm will continue this trend in 2023.
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