Memes go viral, and creators announce the maintenance of copyright.
Recently, artist Phillip Banks, who became widely known due to the 'Just a Chill Guy' meme, announced that he would take copyright protection measures against unauthorized use of his works. This meme, depicting a humanoid dog, symbolizes a calm and relaxed lifestyle, and first went viral online in 2023. Banks stated on social media platform X last Thursday that he has applied for copyright for the work and will issue takedown notices for unauthorized content that involves profit.
Image source: Phillip Banks Chill Guy meme
The meme coin craze has triggered copyright disputes.
The 'Chill Guy' meme not only sparked discussions on social media but was also created as a meme coin $CHILLGUY in the cryptocurrency market. This meme coin made its debut last week, and within just one week, its price soared by 538%, reaching a market value of hundreds of millions of dollars at one point. This explosive growth attracted the attention of numerous investors, and even the President of El Salvador, Nayib Bukele, shared a picture of 'Chill Guy' on his official X account.
Image source: X President of El Salvador Nayib Bukele also shared a picture of 'Chill Guy' on his official X account.
However, Banks is not satisfied with this. He emphasizes that unauthorized meme coins and related products have infringed upon his intellectual property rights. He stated on social media that he would take legal action against these profit-driven unauthorized uses. Banks' actions have sparked various reactions online, with some supporting his right to uphold copyright while others question the feasibility of enforcing copyright in meme culture.
Exchanges ignore warnings, meme coin prices plummet.
Despite Banks issuing clear warnings, cryptocurrency trading platforms like Crypto.com and Gate.io still listed $CHILLGUY for trading. Gate.io even claimed that the price of this meme coin skyrocketed by 1,065% within 24 hours of its launch, showcasing the strong market potential of meme coins.
However, after Banks announced that he would take legal action, the price of $CHILLGUY experienced extreme volatility. Reports indicate that the price of this meme coin dropped by about 54% in a short period, reflecting the market's concerns over potential legal risks. As an extremely volatile meme coin established for less than seven days, the future direction of $CHILLGUY has drawn widespread attention.
The conflict between copyright and meme culture has sparked discussions.
Banks' actions have sparked heated discussions about the relationship between copyright protection and meme culture. Memes, as a phenomenon of internet culture, often spread widely inadvertently, and the rights of creators are often overlooked. Banks firmly stated that he will uphold his intellectual property rights and take legal action against unauthorized products and meme coins.
This incident highlights how creators can protect their rights while balancing the openness of internet culture in the digital age. For investors and market participants, it also serves as a reminder to be vigilant about potential legal risks when chasing the meme coin craze.
Overall, the 'Chill Guy' meme's journey from internet stardom to triggering a frenzy in the cryptocurrency market, followed by copyright disputes, fully illustrates the complexity of contemporary digital culture. In the future, how to protect creators' rights while promoting the healthy development of internet culture will become a focal point of concern across various sectors.
[Disclaimer] The market has risks, and investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at one's own risk.
'This is not Chill at all! The illustrator will take legal action against the controversy of meme coin abuse!' This article was originally published on 'Crypto City'.