Two NFT Copycats Are Fighting Over Which is the Real Fake Bored Ape Yacht Club
Published on December 31, 2021 at 02:59AM
A pair of non-fungible token projects are testing the boundary between plagiarism and parody. From a report: Digital marketplace OpenSea has banned the PHAYC and Phunky Ape Yacht Club (or PAYC) collections, both of which are based on the same gimmick: selling NFTs with mirrored but otherwise identical versions of high-priced Bored Ape Yacht Club avatars. Now the dueling projects are selling their apes while dodging bans from other marketplaces, becoming the latest example of how the NFT world handles copied art. Bored Ape Yacht Club (or BAYC) NFTs are some of the most expensive crypto art assets -- they recently overtook CryptoPunks as the highest-priced NFT avatars with the cheapest available ape selling for $217,000. Like other avatars, though, anybody can technically copy or modify the associated ape picture. So PAYC and PHAYC simply flip the right-facing BAYC avatars to face left, associate them with cryptocurrency tokens, and resell them. PAYC announced its launch in early December with a loose mission statement promoting decentralization and denigrating "rich douchebags" who had (allegedly) taken over the original ape market. It called back to CryptoPhunks, a similar project that flipped and resold expensive CryptoPunks images earlier this year. Early arrivals could mint left-facing apes for free starting December 28th, while others paid a fee of .042 ETH (currently around $157). PHAYC launched shortly after with a tongue-in-cheek website describing the project as "a limited NFT collection where the token itself offers no membership and no allegiance," an inversion of the promise made by BAYC creator Yuga Labs. One PHAYC community member described the project to CoinDesk as "a satirical take on the current state of NFTs and members of the NFT community who might be taking the NFT market a little too seriously."
Published on December 31, 2021 at 02:59AM
A pair of non-fungible token projects are testing the boundary between plagiarism and parody. From a report: Digital marketplace OpenSea has banned the PHAYC and Phunky Ape Yacht Club (or PAYC) collections, both of which are based on the same gimmick: selling NFTs with mirrored but otherwise identical versions of high-priced Bored Ape Yacht Club avatars. Now the dueling projects are selling their apes while dodging bans from other marketplaces, becoming the latest example of how the NFT world handles copied art. Bored Ape Yacht Club (or BAYC) NFTs are some of the most expensive crypto art assets -- they recently overtook CryptoPunks as the highest-priced NFT avatars with the cheapest available ape selling for $217,000. Like other avatars, though, anybody can technically copy or modify the associated ape picture. So PAYC and PHAYC simply flip the right-facing BAYC avatars to face left, associate them with cryptocurrency tokens, and resell them. PAYC announced its launch in early December with a loose mission statement promoting decentralization and denigrating "rich douchebags" who had (allegedly) taken over the original ape market. It called back to CryptoPhunks, a similar project that flipped and resold expensive CryptoPunks images earlier this year. Early arrivals could mint left-facing apes for free starting December 28th, while others paid a fee of .042 ETH (currently around $157). PHAYC launched shortly after with a tongue-in-cheek website describing the project as "a limited NFT collection where the token itself offers no membership and no allegiance," an inversion of the promise made by BAYC creator Yuga Labs. One PHAYC community member described the project to CoinDesk as "a satirical take on the current state of NFTs and members of the NFT community who might be taking the NFT market a little too seriously."
Read more of this story at Slashdot.
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