NFT
The creator of the Grumpy Cat meme has issued a cease-and-desist letter to Twitter person “SlumDOGE millionaire,” urging him to chorus from pushing a memecoin that doubtlessly violates their mental property rights.
An official letter was issued to Glauber Contessoto by way of NFT final week addressing promotion of a token named GrumpyCat, which it sees as partaking in clear and intentional infringements.
The letter states Grumpy Cat Restricted has neither licensed nor offered consent for the usage of its logos in affiliation with this explicit cryptocurrency providing.
In a tweet on Tuesday, the creator of the Grumpy Cat meme referred to as out Contessoto for endorsing unauthorized choices that proceed to infringe on GCL’s mental property rights. The tweet described these endorsements as a “unhappy try” to rip-off unsuspecting merchants.
“Don’t be fooled by these scammers or their lies. No authorized points have been resolved. GCL won’t ever approve such rip-off cash,” the creator mentioned.
The tweet adopted Contessoto’s declare that the mental property issues surrounding the Grumpy Cat token had been resolved. Etherscan reveals the challenge has round 2,900 holders (Blockworks urges due diligence when interacting with memecoins, at all times do your individual analysis!)
pic.twitter.com/8xiw5AL1JC
— Grumpy Cat (@RealGrumpyCat) Might 22, 2023
Meme creators usually don’t have copyright management over their creations, however the authentic copyright holders of the fabric utilized in memes can take motion towards memecoins or different makes use of of their copyrighted content material.
“Pepe the Frog” Matt Furie famously sued Alex Jones’ Infowars over its sale of posters that includes the meme, successful a $15,000 settlement in 2019. A memecoin leveraging the recognition of Furie’s Pepe the Frog not too long ago made headlines for attracting vital investor curiosity.
Whereas memecoins battle with the idea of copyright, leveraging NFTs as a method of serving authorized paperwork is turning into extra frequent, significantly when confronted with the problem of unknown or unverifiable identities
Final week, Loevy & Loevy legal professional Mike Kanovitz demanded a settlement pseudoynmous memecoin creator Ben.eth by way of an NFT, alleging wire fraud throughout a $7 million token pre-sale.
In a separate occasion this 12 months, a US decide ordered an nameless group of hackers to reimburse one in all their victims with $1 million USDT.
This ruling, which happened within the Southern District of Florida, upheld the plaintiff’s resolution to make use of NFTs to ship the authorized paperwork to the unidentified hackers.
