This week’s Web 3.0 Woundup sees Meta haemorrhaging more money in pursuit of its metaverse dreams, an important courtroom defeat for Apple, and Ryder Ripps losing his case against Yuga Labs.
Meta Suffers More Losses in Metaverse Ambitions
Meta’s metaverse dreams resulted in a further $4 billion loss in Q1 2023, with the company’s CEO Mark Zuckerberg revealing this week that further losses were probable. However, the company said that the severity of the losses made in its metaverse unit Reality Labs was reduced by the success of its artificial intelligence (AI) developments.
The $4 billion loss comes after Reality Labs recorded a staggering $13.7 billion loss in 2022.
NFT Creators Rejoice After Apple Defeat
NFT creators were rejoicing this week after a U.S. court in California ruled that Apple’s anti-steering rules are illegal. Apple had been taking a 30% cut on all in-app purchases and banning developers from offering users a way to interact with external payment methods. According to the court, the rules are unfair since they prohibit competition, with the ruling opening the door for the proliferation of NFTs in the iOS ecosystem.
Yuga Labs Wins Court Case Against Ryder Ripps
Bored Ape creator Yuga Labs this week won a court case against Ryder Ripps and Jeremy Cahen almost a year after filing a lawsuit claiming Ripps ripped off Bored Ape images to create the RR/BAYC NFT collection. A California court ruled that Ripps infringed on the Bored Ape trademark with intentions to confuse genuine Bored Ape NFT collectors despite the conceptual artist maintaining that the knockoffs represent artistic criticism.
Yuga is now pushing to get $200,000 from the artist to cover damages, something the court said would be determined later.