Crypto markets fell into disarray after Phillip Banks, the creator of the viral “Chill Guy” meme, announced plans to issue legal takedown notices for unauthorized for-profit uses of his copyrighted persona. copyright.
This decision had repercussions in the community and triggered a sharp decline in the market value of the Chill Guy meme coin (CHILLGUY) before a rapid recovery.
Chill Guy Creator’s Legal Threats Upend Viral TikTok Meme Piece
In a post on X (Twitter), Banks shared his intention to take legal action for copyright infringement for unauthorized use of his works for profit.
“I just posted it, Chill Guy is copyrighted. Like, legally. I will be posting takedowns on for-profit items over the next few days. Not like the brand accounts that use it as a trend, it’s kind of something that doesn’t really interest me (I’m just asking for credit. or Xboxes.). Mainly unauthorized goods and shitcoins,” Banks expressed.
The Chill Guy meme gained traction on TikTok, where its relatable portrayal of a laid-back character resonated with millions of people. The parody coin quickly became a sensation on Crypto Twitter and TikTok, among influencers, presidentssports brands like CFU, Los Angeles Clippers, Paris Saint-Germain (PSG), and daily users use it on social networks. The coin’s rapid growth is seen as a sign of the growing influence of social media platforms like TikTok in setting crypto trends.
At its peak, the Play based on Solana had over 100,000 holders, breaking records for one of the fastest growing companies. coins through user adoption. However, as is the case with meme coins, the hype proved fleeting. Legal threats from banks and natural consequences volatility The meme coin market triggered a nearly 67% drop in market capitalization, plunging it to around $187 million from a peak of $579 million on Wednesday.
The banks’ lawsuit statement shows the growing tension within the coin industry. While memes like Chill Guy can spark viral trends and generate immense economic activity, their creators often find themselves sidelined, with little or no financial benefit from the frenzy.
Banks clarified that his legal actions would not target non-commercial uses of Chill Guy. For example, it has been lenient towards brands using the meme, such as when gaming brand Halo used the illustration in a tweet saying:
“When Master Chief trades his plasma pistol for your rocket launcher but you’re just a cold marine”, Halo wrote.
The banks responded with humor by asking Halo for an Xbox in return. He said“Good morning, Halo. Since you used my art, can I have an Xbox? THANKS.”
Crypto community reacts to banks’ demands
The banks’ legal position was greeted with humor and advice by the crypto community. Notable figures on Crypto Twitter suggested he was monetizing the situation rather than taking legal action.
“Brother, just ask for a 2% token supply, as is tradition, and be happy,” user Thelema joked.
Meanwhile, some crypto executives like Solana Legend, co-founder and managing partner of Frictionless Capital and MonkeDAO, highlighted the cultural significance of the Chill Guy meme. The prominent figure in the Solana ecosystem noted that the platform offers people a unique way to learn about crypto through relatable memes.
“Chill Guy is becoming the Bored Monkey Yacht Club / Open Sea moment for standards to be integrated into crypto. 5 minutes on TikTok and you can see people discovering memes,” analyst wrote.
CHILLGUY’s viral success highlights TikTok’s Growing Role in Crypto Adoption among non-crypto natives (normies). Nonetheless, the latest debacle reflects the volatile nature of meme coins, where hype often trumps fundamentals. CHILLGUY’s early investors rode a wave of speculation fueled by TikTok, only to see their gains evaporate when the dynamic changed.
While legal threats from banks have dented meme coin momentum, they also highlight the challenges of monetizing intellectual property in the digital age. His attempt to protect his creation could set a precedent for other meme creators struggling with the commercialization of their work.
Phillip Banks did not immediately respond to BeInCrypto’s request for comment.
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