Another day, another lawsuit. In early 2022, the Bored Ape Yacht Club was one of the most popular NFTs. Now, Yuga Labs — the Web3 firm behind the NFTs — has been hit with a class action lawsuit.

Bored Ape Yacht Club non-fungible tokens (NFTs) have become popular in the Hip-Hop community. Throughout 2021, AfroTech shared reports on Timbaland, Lil Baby, and Future being fans of the collection. Recently, a few artists have invested in Yuga Labs — the Web3 firm behind Bored Ape. Snoop Dogg, Timbaland, and Gunna were a part of a $450 million seed funding round — led by a16z crypto — according to Music Business Worldwide. Other investors included Animoca Brands, The Sandbox, LionTree, Sound Ventures, Thrive Capital, FTX, MoonPay, Samsung, and more. The funding reportedly brought Yuga Labs’ valuation to $4 billion. “Yuga Labs has quickly become a web3 culture, gaming, and entertainment empire,” said Chris Lyons, general partner at a16z crypto, in a press release. “Mainstream adoption in web3 is accelerating at lightning speed, and Yuga is at the forefront of merging culture and innovation for everyone to enter the metaverse. We’re thrilled to invest in this brilliant team and...