The OpenSea digital marketplace has banned two collections from its website: PHAYC and Phunky Ape Yacht Club (or PAYC) because both are shown as almost identical versions of the Bored Ape Yacht Club avatars. Y The Bored Ape Yacht Club (or BAYC) NFTs are some of the most expensive crypto assets.
Like other avatars, anyone can copy or technically modify an image. In this case it was learned that PAYC and PHAYC just flip the avatars BAYC that look to the right, so that they look to the left, they associate them with cryptocurrency tokens and resell them.
What are NFTs and why is a kitten avatar SELLING for $ 115.00
Plagiarism is a problem for artists
There was a moment, in this same year 2021 (year of the explosion of the NFTs) in which it seemed that lNFTs would be a great addition so that artists could bring their work to the public. But over time it has become a problem for many artists.
A trend has been discovered in the NFT world of looking for still-virgin works by unknown artists and trading them on OpenSea and other crypto platforms emerged with the NFT fever, to facilitate its sale.
PAYC announced its launch in early December with a declaration of intent where he promoted decentralization and denigrated the “rich asshole” who (supposedly) had taken over the original market for monkey images. And it reminded of CryptoPhunks, a project reselling the expensive CryptoPunks images earlier this year.
PAYC and PHAYC have had a disagreement on Twitter about the Bored Monkey Yacht Club. The founder of PAYC referred to PHAYC as a “fraud project to get money“. PHAYC charged people to mint their monkeys, and CoinDesk reports that it took around 500 ETH (or around $ 1.8 million) in sales. Rather, it says that PAYC made around 60 ETH (or approximately $ 225,000) of its sales.
It is common for NFT lineups to copy each other’s art styles or use similar names. But Yuga Labs owns the copyright to their ape images, and PAYC and PHAYC were banned from OpenSea apparently for violating its rules against copyright infringement. PAYC was also removed from competing markets Rarible and Mintable, although PHAYC remains listed on Rarible.
There are very few precedents legal regulations around NFTsMuch less its copyright implications, so there is no telling what would happen if Yuga Labs reported it.
Cover photo | VIA Bitfinanzas