Latest news about Bored Ape NFT

More controversial news in the last few hours is worrying Boring Monkey NFT. Specifically, $169,000 has been broken to migrate Bored Ape to Bitcoin. In addition, Yuga Labs is currently at the center of a intellectual property case.

Next situation Ovie Faruq and Mike Anderson, former bond traders at Barclays Plc, who sold 72 Bored Ape Yacht Club NFTs between 78.08 and 78.18 Ether each this week. Finally, an overview of Bored Ape’s minimum price, which holds despite the massive NFT dump.

The burning of the Bored Ape Yacht Club on Ethereum

In a tweet on February 10, Jason Williams indicated that he has forever burned NFT on Ethereum associated with Bored Ape Yacht Club #1626, called “The Blonde Don,” to list it on Bitcoin via Ordinals.

To achieve this destruction of NFT on Ethereum and list it on Bitcoin, Jason Williams used Teleburn function, which Rob Hamilton developed with the Ordinals creator Casey Rodamor.

According to Rob Hamilton, Teleburn allows a token to be unidirectionally and permanently removed from a network in order to make it point to the corresponding ordinal code on Bitcoin. Casey Rodamor was the first to test this feature with his ENS domain rodarmor.eth.

The duo then accompanied Jason Williams in Bored Ape Yacht Club burn #1626. Jason Williams later raved about this Teleburn, which he said transferred NFT to Bitcoin.

However, Yuga Labs founder Greg Solano questioned the success of such a cross chain move, believing that Bored Ape Yacht Club #1626 no longer belongs to Jason Williams after the fire.

Greg Solano clarifies that the NFT has not disappeared from ETH forever, although no one has access to it since it was sent to an address without an owner. However, this burn is similar to any other transfer.

And by doing so, Jason William would have simply surrendered his license. In a series of tweets on February 14, Jason Williams shared Decryptits media article reporting these comments by Greg Solano, claiming that the article/BAYC founder is wrong.

The interested party insists: he would have full intellectual property rights to list his boring monkey on Bitcoin and to Teleburn the asset. Anyway, Bored Ape Yacht Club’s last auction #1626 was in November.

The transaction amounted to 108 ETH, or almost $432,000 at that time and about $185,000 at the time of writing. Has Jason Williams actually lost his license with this Teleburn, or will Yuga Labs develop its IP terms in the future if the enthusiasm for Bitcoin NFTs continues in the medium to long term?

Yuga Labs: logo plagiarism for the BAKC collection

Studio Yuga Labs came to prominence after releasing their highly popular NFT collection Bored Ape Yacht Club in April 2021. Within months of releasing the flagship collection, Yuga Labs repeated the operation with a new collection called Bored Monkey Kennel Club.

However, Yuga Labs is in the midst of turmoil two years after its release. In fact, internet user @Jdotcolombo revealed the relationship on February 17 Twitter.

The user explained that Yuga Labs used as a logo for the BAKC collection a work for which it did not own the intellectual property. Even worse: Yuga Labs tried to register the trademark in addition to the logo.

In fact, the logo of the BAKC collection is a pure copy of a drawing made by Simple drawing website that offers drawing tutorials. This drawing was part of an “easy step-by-step drawing tutorial for a wolf skull.”

This was released in May 2021 and was used for BAKC in June 2021, a month later. However, as clarified later by Easy Drawing, Yuga Labs does not have a license to use this image:

“The intellectual property rights of the drawing belong to Easy Drawing Guides, as it is our original drawing and is protected by our terms and conditions.”

Faced with this, Yuga Labs had no choice but to leave the logo with the image of a wolf skull. Any reference to the logo has been removed from NFT’s sales platforms, such as Open sea.

In any case, this case comes to life once again debate on intellectual property in the NFT world. As a reminder, these are presented as an important tool for protecting intellectual property.

Therefore, the very characteristics of NFTs should enable artists to free themselves and be better able to protect their art. Unfortunately, the reality is quite different. Currently, hundreds of artists are paying the price of intellectual property theft, precisely for creating NFT compilations.

However, Yuga Labs knows very well what it feels like to have your intellectual property stolen. In fact, the company sued the artist Ryder Ripps. As a reminder, RR/BAYC had launched the NFT collection, copied entirely from BAYC. However, it seems the process is not going as planned for Yuga Labs.

Bored Ape Yacht Club’s $9.25 million sale of 72 NFTs

Ovie Faruq and Mike Andersonformer bond traders at Barclays Plc, sold a collection of iconic digital artworks that triggered their departure from banking and their pursuit of careers in non-fungible tokens.

Faruq and Anderson sold 72 NFTs of Bored Ape Yacht Club between 78.08 and 78.18 Ether each this week, which means approx 9.25 million dollarsaccording to transactions registered on the OpenSea NFT market.

Faruq said the first investment was about 1.14 million dollarswhich would have yielded a profit of at least 700%. NFTs, mostly digital art that typically use Ethereum’s blockchain and are bought and sold with the cryptocurrency Ether, saw their value rise in early 2022 during the height of cryptomania before a sharp selloff.

However, this year’s rally in risky assets saw Bitcoin rise more than 40%. This has created a window of opportunity for traders, but one that may not last, especially as the Federal Reserve continues to raise interest rates. About the matter, Faruq told Bloomberg:

“We’ve both traded in high-yield bonds for ten years and have learned that you have to respect cash when it’s there and take profit when it’s available.”

Faruq also said that he and Anderson remain seed investors in Yuga Labs Inc, the maker of NFT Bored Ape Yacht Club, and own other Yuga Labs assets such as ApeCoin cryptocurrency tokens.

They will continue to develop Degenz, a research platform that aims to provide information about the industry to new players. Both traders left Barclays in December 2021, almost a year after they started collecting NFTs.

Finally, Faruq confirmed that he will also try to build his NFT collection called “rektguy”, which became famous when the rapper Snoop Dogg bought two of the images in June 2022 and made one of them his profile picture on Twitter.

Focus on the price of Bored Ape

Despite the recent bearish cryptocurrency market, BAYC has maintained its floor price above 64 ETH mark and today stands at approx 77 ETH. However, this is still slightly below the minimum price of 152 ETH in April last year.

Claims that BAYC was influenced by fascist sources did not affect it much either. In fact, unlike many competing NFT projects that have gone to zero or declined 99% Bored Apes and other Yuga Labs collections stay relatively strong from their high points.

BAYC has been heavily promoted by a number of superstars including Eminem, Snoop Dogg, Jimmy Fallon, Madonnaand even Raul Pal. However, it is not yet clear which of these famous faces bought a monkey or obtained it in exchange for their advertising services.

Regardless, BAYC, owned by Yuga Labs, is by far the second most traded NFT pool after CryptoPunks with a total trading volume of 864,801 ETH.