Do you remember the controversial “Pepe the Frog” meme back in the mid-2010s when mainstream media thought it was an image of alt-right propaganda and just about everything negative when it was only nothing more than a gimmick from 4chan? Apparently, the original creator and Boys Club comic artist – Matt Furie – made a non-fungible token of the iconic green frog.
After Matt Furie made 46 NFTs of the same character, the winner of the original NFT auction claims that the inventor and his organization engaged in fraud and illegal business activities, resulting in a case of buyer’s remorse with a US$500,000 lawsuit.
An NFT with a picture of the controversial meme figure sold for US$537,084 at a recent auction. The frog’s creator Matt Furie and his organization PegzDAO hosted the NFT auction last October 2021.
How It Started
NFTs have been all the rage in the crypto world recently, and Pepe the Frog is no exception. It turned into an NFT and is currently available for purchase on the blockchain-based marketplace OpenSea…until the creator made the collection free.
In a recent auction for 99 new NFTs with the identical “Pepe the Frog” photo, the group apparently revealed the existence of additional NFTs with similar designs, but it claimed that they would remain in Pegz’s possession. As a result, an affluent buyer paid over half a million dollars in cryptocurrency on the assumption that he would be the only one in the world to possess that particular design.
This auction has once again ignited speculation within the crypto-community over who will own the rarest Pepe designs and how much they could fetch on the open market. While it is difficult to ascertain the true value of these assets, it is clear that they hold tremendous potential for collectors and investors alike.
With the recent proliferation of NFTs, it is becoming increasingly difficult to keep track of the various designs and their respective owners. However, this does not seem to be deterring investors from flocking to the new asset class in droves.
A Fight for Legal Ownership
As the market for NFTs continues to grow at an exponential rate, it will be interesting to see how the landscape evolves and which designs emerge as the most coveted. One thing is for sure, the Pepe the Frog photo is sure to maintain its status as a premier collectible.
Thayer has now filed a lawsuit against the developer and his organization, alleging that the value of his NFT dropped significantly as a result of the aforementioned free additional “Pepe the Frog” NFTs’ release, while he also claims that the creator and his firm engaged in illegal business practices.
However, purchasers do not acquire legal copyright over the design of an NFT simply by buying it, which may make Thayer’s lawsuit more difficult to win.
The “Pepe the Frog” copyright case is just one example of how NFTs could potentially create legal headaches down the road. If someone were to buy an NFT that contained infringing material, for example, they could potentially be held liable for copyright infringement.
In another case, a developer of an NFT game could potentially be sued if someone playing the game lost their virtual property in a way that was not covered by the game’s EULA. As with any new technology, it is important to weigh the risks and rewards before deciding whether or not to invest in NFTs.
NFTs are still a relatively new technology, and as such, there are many legal uncertainties surrounding them. However, as more and more people begin to adopt NFTs, it is likely that we will see more lawsuits and legal cases related to these assets. So far, the only thing that is clear about NFTs is that they are not going away anytime soon.
The Controversy Behind Pepe
Pepe the Frog is a popular internet meme that has been around for many years since its trend. However, during the electoral campaign between Hillary Clinton and Donald Trump, it has become associated with white nationalism and the alt-right movement. This has caused a great deal of controversy, with some people calling for the meme to be banned.
The first Pepe the frog meme was created in 2005, and it was used to express feelings of frustration online. The character quickly became popular, and new versions of the meme began to appear.
By 2016, Pepe had become one of the most popular memes on the internet, and he was often used to spread hateful or racist messages. In 2017, the creator of Pepe, Matt Furie, tried to reclaim the character by creating a new comic that showed Pepe as a happy frog. However, this effort was unsuccessful, and Pepe continues to be used as a symbol of hate by many people (at least according to mainstream media and Twitter).
Supporters of Pepe argue that the frog is simply a harmless joke and that the alt-right is using it as a symbol to troll liberals. They claim that Pepe should not be blamed for the actions of a few extremists.
Critics of Pepe argue that the meme has been used to promote racism and bigotry. They say that it is inappropriate for such a hateful message to be spread on public forums like the internet.
There is no right or wrong answer to this debate. Ultimately, it is up to each individual to decide whether they want to support Pepe or not. However, it is important to be aware of the controversy surrounding this meme and its potential implications.