Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique digital art pieces, each represented by a Non-Fungible Token (NFT) on the Ethereum blockchain. The exhibition quickly became one of the most popular and valuable NFT projects on the market after its launch. However, allegations of plagiarism have rocked the Bored Ape community, raising questions about the legitimacy of the project and the future of NFTs.
The controversy surrounding Bored Ape began when a Twitter user posted a series of tweets accusing the project of plagiarism. According to the tweets, the artwork used for the apes was copied from various sources, including other artists and stock photo websites. The allegations quickly gained traction, with many users expressing concern about the authenticity of the Bored Ape project. In response, the Bored Ape team issued a statement denying the allegations and stating that all artwork used in the project was either original or licensed.
Despite the controversy, Bored Ape NFTs continue to be highly sought after, with prices for individual apes reaching astronomical levels. As of 2022, the average cost for a Bored Ape NFT was over 100 ETH. Part of the high prices is due to the scarcity of apes, with only 10,000 available. Additionally, the Bored Ape Yacht Club has become a highly exclusive social club for NFT collectors, with membership granted only to those who own a Bored Ape NFT.
The Bored Ape Yacht Club has also launched several spin-off projects, including Mutant Apes, genetically modified versions of the original apes, and Kennel Club, which features a collection of 10,000 unique digital dogs. These projects have also been highly successful, with prices for Mutant Apes reaching over 400 ETH. However, the plagiarism allegations have raised questions about the legitimacy of the Bored Ape project and the broader NFT market. Many have pointed out the ease with which digital artwork can be copied.
Moreover, the controversy highlights the need for greater transparency and accountability in the NFT market. As NFTs have become increasingly valuable and sought after, there is a growing need for clear guidelines and standards for NFT creation. Despite the controversy, many in the NFT community remain bullish on the market’s future, pointing to the growing interest and investment in digital assets. Some believe the Bored Ape controversy might positively impact the market by forcing greater transparency and accountability.
As the NFT market continues to grow and evolve, clear guidelines and standards must be established to ensure the integrity and authenticity of these digital assets. This includes requirements for original artwork, clear ownership rights, and greater transparency and accountability in NFT creation and trading. Ultimately, the success of the NFT market will depend on the ability of creators, collectors, and investors to work together to establish transparent and sustainable standards for creating and trading digital assets.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/03/21/bored-apes-nft-alleged-plagiarism-sales-and-look-at-prices/