A meme -mint that encouraged Pinkfong’s name collapsed on Thursday after the entertainment company behind YouTube -Hit Baby Shark said it was not affiliated with the token.
The Meme Coin, which was made with the help of the Network of Story Protocol for the management of intellectual property rights and the creation of derivative works, was issued “without authorization”, Pinkfong said In a post on X, promising “serious legal consequences” for those who violate the law.
Although the story protocol is designed to remove rent-seeking intermediaries from the IP industry, it seems that an alleged misunderstanding between two of its users may have created more work for lawyers than projects that have traditionally assured the rights to Pinkfong’s IP.
Pinkfong is more than just a pink fox: the South Korean company, which has generated more than 140 billion cumulative views over the YouTube channels, is responsible for the most popular video on YouTube, with iconic texts such as “Baby Shark, Doo Doo Doo Doo Doo.”
In a now deleted message on X, Story Protocol said That users can remix and expand the IP behind the hairy pinkfong mascot after tokenization “
“Fascinated to see how this collaboration unfolds,” said co-founder of Story Protocol and CEO Sy Lee in a now deleted post.
Decrypt has contacted the story protocol for comment.
The Meme Coin debuted on the Story Protocol network had a market capitalization of $ 6.32 million on Friday Dex Screener. A few hours after the kick -off on Tuesday, the token shot up to a market capitalization of $ 519 million.
Bubblemaps, a popular visualization tool on-chains and crypto detailed firm, said On X that found the insider activity around the Meme Munt. It found no evidence that the activity was linked to the story protocol, but about 7% of the stock of the token was immediately scooped up.
The native token of the price of the story, which serves as the underlying exchange medium of the platform, has since been volatile. Since Tuesday, the price of the story has fallen from $ 12.91 to $ 7.24, while setting up at around $ 9.35, according to Crypto Data Provider Coentecko.
Pinkfong has endorsed two meme coins that exist on Solana and BNB chain. As mentioned earlier, the unofficial network exists on the network of the story. It debuted through a platform called IP World, which says it “was built for swords, by swords.”
The project said it had worked with a recognized partner of Pinkfong’s, but it learned that the license’s license was not valid, based on agreement it had with another license holder. Nobody was prevented from going with the IP until that was verified.
IP World said the incident, although frustrating, showed some of his guarantees. Because the IP is not verified on the IP world, “Maker’s costs remain locked on the protocol and cannot be claimed until the rightful IP owner is confirmed.”
The collapse of the unofficial Pinkfong Meme Munt has provoked Research into the story protocol for some spectators from the industry, but IP World made it clear on Thursday that the network that underlies its service had little to do with the actual problem.
“Story protocol, the blockchain on which IP world works, was never a party to this agreement, nor was it in any way involved in these license issues,” the project said on Thursday in a post on X. “We are very sorry for the uncertainty and confusion that this caused.”