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    StartKryptowährung NewsTwo NFT copycats are fighting over which is the real ... - Tech Arcanum

    Two NFT copycats are fighting over which is the real … – Tech Arcanum

    To investigate the line between copying and parody, two non-fungible token initiatives are experimenting There are two collections on OpenSea’s digital marketplace that have been prohibited because they use the same gimmick: selling NFTs that mirror but otherwise are identical to expensive Bored Ape Yacht Club avatars. This latest example of how NFT marketplaces handle copyrighted art is now being sold by the competing projects, who are able to do so while evading other marketplace prohibitions.

    NFTs from the Bored Ape Yacht Club (BAYC) have lately overtaken CryptoPunks as the most expensive crypto art assets, with the cheapest ape selling for $217,000. Unlike other avatars, the linked ape photo can be copied or modified by anyone. Just convert the right-facing avatars to left-facing ones and resell them, and PAYC and PHAYC will have created their own cryptocurrency tokens.

    WHAT IS AN NFT?

    The blockchain is used to track the ownership of NFTs, making it possible to trade in and sell them. “Non-fungible token” (also known as a “NFT”) is a type of digital asset that can include everything from images, videos, audio files, and even video game items. One-of-a-kind NFTs or multiple copies of the same file are both possible, but the blockchain keeps track of who owns the file.

    Several high-profile memes, including Nyan Cat and the “deal with it” sunglasses, have sold for millions of dollars in NFT auctions recently. NFTs are also the subject of much debate because of their high electricity consumption and potential negative environmental effects. In the event that you still have questions, we’ve put together a FAQ for you.

    With a vague goal statement encouraging decentralisation and disparaging the “wealthy douchebags” who had (supposedly) taken over the original ape market, PAYC announced its start in early December. Like CryptoPhunks, a project that offered high-priced CryptoPunk photos earlier this year, the new project evoked memories of it. A price of.042 ETH (now $157) was charged to those who arrived before December 28th, while those who arrived after paid a fee of.042 ETH (currently $157).

    Shortly after, the PHAYC website appeared with a sarcastic tone, characterising the project as “a limited NFT collection where the token itself offers no membership and no allegiance,” a reversal of the promise Yuga Labs had made with BAYC. When asked by CoinDesk, one PHAYC community member described the project as “a satirical take on the current status of NFTs and members of the NFT community who might be taking the NFT market a little too seriously.

    NFT Copycats are Fighting

    There has been some irony in the fact that PAYC’s creator referred to PHAYC as a “cash-grab scam endeavour” on Twitter when the two started fighting over which was the real Bored Ape Yacht Club. According to CoinDesk, PHAYC made roughly $1.8 million in sales by charging people to mint its apes. As a result of this, PAYC claims to have earned nearly 60 ETH (or around $225,000) through paid sales.

    It’s possible that both projects could be in legal jeopardy. It’s not uncommon for NFT teams to employ comparable art styles or names. Even though PAYC and PHAYC were kicked out of OpenSea for allegedly infringing on Yuga Labs’ copyright, the latter’s ape photos are owned by Yuga Labs. Rarible and Mintable also dropped PAYC, while PHAYC is still listed on Rarible.) PAYC and PHAYC could follow in the footsteps of appropriation artist Richard Prince if Yuga Labs launches a formal legal action against them. NFTs, on the other hand, have never been the subject of any legal precedent, much alone their copyright consequences.

    There was no quick response from Yuga Labs or PHAYC to a request for comment on whether they would submit such a lawsuit. As reported by The Verge, PAYC has received no legal threats from BAYC’s side.

    Both projects appear to be primarily interested with making their apes available for online trading. In theory, NFTs are meant to be independent of any particular platform, yet the simplification of the selling process on platforms like OpenSea has resulted in massive congestion. In response to complaints from companies like CryptoPhunks developer Larva Labs and certain individual NFTs that were stolen from their owners, the sites have delisted copycats like CryptoPhunks and blacklisted some NFTs that were based on stolen material. Even if someone else has already started selling an even worse fake ape, PAYC and PHAYC have both tweeted that they’re working on alternate marketplaces where the left-facing apes can be sold.

    Find more: Two nft ape yacht copycats are – Krypto-NFTs

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