The current hottest NFT collection in the world, the Bored Ape Yacht Club, has sparked two copycats who are currently beefing on Twitter over who is the actual fake Bored Ape Yacht Club.
The Bored Ape Yacht Club is a collection of over 10,000 bored ape NFTs with owners from Steve Aoki to Post Malone to Jimmy Fallon.
The highest sale for one of these melancholy monkey pics is currently sitting at $3.4 million so you can see why people are going absolutely wild for them and why they've now sparked copycats.
Phunky Ape Yacht Club is the OG flipped ape project, releasing 80% of their mints for FREE, then subsequently being removed from @opensea and @rarible.- yuck (@yuckcrypto) December 30, 2021
Web3 friends from all communities have stepped forward to show support to @phunkyApeYC, but we still need your help! :point_down::rotating_light:
OpenSea, the world's largest NFT marketplace where you can pick yourself up one of these arty jpegs, has recently banned both the 'Phunky Ape Yacht Club' (PAYC) and 'PHAYC' from selling their copycat ape-based NFTs which just feature the same simians flipped so they face left (Bored Ape NFTs face right).
The Phunky Ape Yacht Club launched in December, saying it was going to bring apes and ape-based NFTs back to the people and back from the "rich d**chebags" who had taken over the Bored Ape Yacht Club.
Why @phunkyApeYC?- phunky Caesar (@phunkyCaesar) December 9, 2021
1. Cc0/dmca. we are here for decentralization. We paid for the nft/art, we own it. Did we buy it or lease it? These greedy teams asserting their IP dominance have all raised 8 figures and above and still want to squeeze its contributors for a piece.
The flipped monkey pics were initially offered for free and then listed for around $157.
As the cheapest Bored Ape currently sits around $200,000, that's a pretty big discount for a reverse image.
PHAYC followed a similar line when it launched, calling itself satire and suggesting NFTs are currently being taken a little too seriously.
PHAYC has actually made more from its sales than PAYC, leading PAYC to accuse PHAYC of being a 'cash grab fraud project'.
people think i'm joking right now but i'm dead serious when i say i'm bullish on phayc- Degen (@kerneltrader) December 29, 2021
they're like phunks, only the bayc community has become the most hated in all of crypto which should help fuel this pic.twitter.com/3gUnL9tfNv
Strong words there from a project literally created by flipping images from another project.
There's somewhat of a grey area around NFTs and copyright. Yuga Labs, the owner of the Bored Ape Yacht Club, owns the copyright to its images which is what's enabled OpenSea to boot both copycats off the platform.
But if Yuga Labs wants to go further and file a formal complaint, there isn't really a precedent for how it could be handled.
Doubt this will impact the price of BAYC, but it's the first stupid move I've seen @yugalabs make in an otherwise flawless performance- batsoupyum (@batsoupyum) December 30, 2021
I'll say this until I'm blue in the face: copycat derivatives of collectible projects do not detract value from the original; they're ADDITIVE https://t.co/ffmnj0k0BK
Both companies could argue they're operating under transformative fair use, which is how much satirical art gets away with using copyrighted images, but as NFTs operate under their own sets of rules and regulations it isn't clear how this argument would track.
Both PAYC and PHAYC are currently tackling the problem of how they're going to sell their NFTs with OpenSea one of the easiest and most credible marketplaces, so not being able to list there has provided a block for them.
If they are able to find another way to sell their artworks, which should, in theory, be possible as NFTs operate in a world where they shouldn't be tied to any one platform, they may continue to do so until Yuga Labs takes further steps.
Featured Image Credit: Twitter