Non-fungible tokens are in the headlines again. They have been appreciated for letting artists sell their digital art without any intermediary. They have also been criticized for harming the natural environment through carbon emissions.
This time, NFTs are in the news because PHAYC and PAYC are fighting over which is the best fake version, or rather the most authentic knock-off, of the original Bored Ape Yacht Club.
The early arrivals of PAYC were allowed to mint the apes for free, while others had to pay a basic fee of 0.042 ETH. This comes approximately to $157. Launched in early December 2021, the NFT collection cited the actions of CryptoPhunks to justify its launch.
CryptoPhunks sounds similar to CryptoPunks, and their collections also look fairly alike.
PAYC stated a vague mission statement highlighting that it aims to promote decentralization in the NFT marketplace. It added that it wished to denigrate rich douchebags who had taken over the market.
PHAYC is the other side of the coin that looks similar to the previous one. It, too, has ripped off the original collection of Bored Ape Yacht Club to sell it in the market. It was launched after a few days when PAYC announced its entry into the market.
It put up a banner saying a limited NFT collection to attract a large number of art collectors. It further highlighted that its token does not offer membership and allegiance.
Many members of the PHAYC community have called PHAYC’s collections a satirical take on the prevailing condition of the NFT market. They have also said that many people might be taking NFTs more seriously than they should be taken.
Apart from selling a fake NFT collection, both share one more thing in common. They have been banned by OpenSea, an NFT marketplace, over copyright infringement.
The Fight For Being The Best Fake
Plagiarism is a serious offense. It takes away the share of the revenue from the original owner of the artwork. PAYC and PHAYC both appear to be crossing the line through their left-faced Bored Ape Yacht Club rip-off collection.
Bored Ape Yacht Club recently overtook CryptoPunks to become the highest-selling NFT in the market. The best figure for the cheapest artwork of the Bored Ape Yacht Collection stands at $217,000.
What PAYC and PHAYC have done is flip the artwork of Bored Ape Yacht Club, associate it with cryptocurrency tokens, and sell them to interested buyers.
Their fight is now about who is the most authentic rip-off of the original version, with many members calling their NFTs fake.
CoinDesk recently stated that while PHAYC charged 500 ETH from the members to mint its apes, PAYC collected only 60 ETH from the sales.
PAYC and PHAYC are currently fighting over Twitter to claim the crown of being the best. Meanwhile, OpenSea has banned them from the platform, and Yugo Labs is considering filing a legal case against them.
NFTs exist to help artists earn money, but NFTs do not come under any legal framework. This may make it difficult for Yugo Labs to fight the legal battle.