“Cultural Fraud” at Yuga Labs? Crypto Twitter Gives Its Verdict

A cartoon monkey with glasses sitting on a hot seat, getting roasted by blue Twitter birds.
  • Yuga Labs game Dookey Dash scored $6M NFT sales on launch.
  • NFT artist Ryder Ripps shared a thread on BAYC’s ‘cultural fraud.’
  • Crypto traders on Twitter warn about the coming ‘billion dollar dump.’

Bored Apes Yacht Club creators Yuga Labs is back at the center of attention on Twitter, as gamers are still buzzing about Dookey Dash, the new skill-based blockchain game. Part of Yuga Labs’ Otherside by Otherdeed project, the NFT Sewer Passes to join the digital primates driving a water motorcycle in the sewage topped $6 million in primary sales. On top of that, members of BAYC are bragging about their high scores and winning NFTs.

Simultaneously, the controversy around Yuga Labs keeps building on Twitter, as the co-founders are going through the lion’s share of trouble with two lawsuits. One revolves around the alleged ‘cultural fraud’ spotted by NFT artist and internet provocateur Ryder Ripps.

According to the post, the Bored Apes logo takes inspiration from the “Kali Yuga Surfing Club,” a notorious, violent, racist criminal organization who were into esoteric fascism and started a Telegram channel back in 2019. However, the phrase ‘Kali Yuga’ originates from Hinduism and describes world ages.

APE Cage Unlocked in 45 Days?

Another hot debate surrounding the lawsuit, and fresh rumors of Apecoin tokens unlocked in 45 days, scared some crypto enthusiasts on Twitter. To illustrate, PAULY, the owner of NotLarvaLabs, said:

“Yuga, its founders & launch partners will begin unlocking/dumping a billion+ worth of Apecoin in 45 days.” 

According to this theory, the ApeCoin DAO token, which is handy for the key-searching Apes in Dookey Dash, will be dumped soon after the game finishes its current phase.

At press time, the #31 ranked decentralized altcoin APE is changing hands at $6.01, according to CoinGecko. Having shrunk by 2.3% in the last 24 hours, APE had a tremendous monthly run with 67% profit in the last seven days. Besides, the Bored Ape-themed coin is often in the limelight on Binance for offering an eye-catching high yield of 100% APY for 120 days at the time of publication.

On the Flipside

  • Ryder Ripps is the defendant in the BAYC copyright infringement case. The NFT artist made a parody collection, which looked just like the original BAYC.
  • The BAYC satire fetched the artist $1.8M in NFT sales, while Yuga Labs slapped Ryder Ripps with a copyright infringement lawsuit.
  • Ultimately, Ripps claims that NFTs cannot be copied because of their nature, as NFT stands for ‘non-fungible tokens.’

Why You Should Care

Yuga Labs is one of the largest Web3 companies globally, valued at $4bn. The company brought NFT and blockchain technology to the mainstream audience with the success of BAYC and MAYC blue-chip NFT collections.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.