Stock Groups

Trouble in paradise as fake Bored Ape Yacht Club NFTs gets banned from OpenSea By BTC Peers

[ad_1]

OpenSea bans fake Bored Ape Yacht Club NFTs, creating trouble in paradise

It’s a no-brainer that the NFT boom has attracted many malicious actors, including those who would sell a copycat digital collectible just to make a quick buck. OpenSea has been a dark spot for many of these projects. Two parody Bored Ape Yacht Club projects (or BAYC), are struggling to sell their collectibles since they were banned from the NFT marketplace because of plagiarism.

PHAYC creators and Phunky Ape Yacht Club owners (PAYC), were likely too lazy to pay a digital artist for unique NFTs. Instead they decided to make identical mirrors of highly-priced Bored Ape avatars.

While PAYC launched in early December to promote decentralization and tackle “rich douchebags” who it claimed had taken over the ape market, PHAYC made its debut shortly after, describing itself as “a limited NFT collection where the token itself offers no membership and no allegiance.” A community member of PHAYC reportedly told CoinDesk that the project is “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.”

Both copycat projects were at odds with each other, as expected. PAYC’s founder dubbed PHAYC a “cash grab project.” There have also been allegations that the PHAYC team absconded after making $1.8 million.

OpenSea has delisted both projects. Both are currently in an intense race to create alternative platforms to market their left-leaning apes. PAYC, PHAYC both tweeted that they were launching new marketplaces.

OpenSea’s centralized nature and NFT markets like OpenSea have been criticized by many, but it does appear that this move is not a bad one. Profiting from an artist’s work simply by mirroring is nothing but a cheap shot.

OpenSea has frozen 16 Bored Apes and Mutant Ape NFTs valued at $2.28 Million, after the NFTs were stolen from an art gallery in New York.

Continue reading on BTC Peers

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]