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The ongoing fight between a cat parent and a crypto community inspired by a cat is testing the relationship between pets and meme coins.
Development of Meme Cryptos
In the fast-paced world of cryptocurrency, where memes can turn into multi-million dollar ventures overnight, pet parents often find themselves in the unwanted spotlight of crypto culture.
This phenomenon has recently sparked a feud between a cat parent and a crypto community inspired by her feline, raising questions about the rights of pet parents in the murky legal landscape of meme coins.
The saga began when the Solana token Shark Cat (SC) gained traction on social media, leveraging the image of a kitten named Nala in a shark costume for its marketing. Within a short period, Shark Cat skyrocketed to a staggering $390 Million in market capitalization, enriching everyone involved except Nala’s parent, who goes by Pookie.
Initially, the crypto community was unaware of the cat’s new found crypto fame, a Instagram user approached Pookie, offering to purchase rights to Nala’s photos for an unrelated meme coin. This prompted Pookie to delve into the world of cryptocurrency, where she discovered multiple meme coins utilizing Nala’s likeness, with Shark Cat leading the pack.
Fair & Desired Compensation
Seeking fair compensation for Nala’s image, Pookie reached out to the Shark Cat team, only to encounter resistance. Despite offering to support a charity or auction an NFT of Nala’s photo, Pookie felt undervalued by the team’s initial offer of $3,000 worth of tokens. She requested a meeting to negotiate terms and expressed concerns about the token’s use of explicit imagery depicting Nala.
Over a Zoom call with the Shark Cat teams, tensions were increased when a prominent figure from the industry allegedly joined the conversation, demanded a payout in SOL tokens.
Pookie felt disrespected and thus demanded a 10% stake in Shark Cat, valued at $20 million, and control over the project’s direction. However, negotiations faltered, leading Pookie to sever ties with Shark Cat altogether.
Discussion On Another Meme Coin
Meanwhile, Pookie entered discussions with another meme coin, White Coffee Cat (WCC), based on her other cat, Coffee, who has cancer. Unlike Shark Cat, the WCC team expressed genuine concern for Coffee’s well-being and offered Pookie a 1% stake in the token for using Coffee’s likeness.
Upon learning about Pookie’s deal with WCC, the Shark Cat team publicly terminated negotiations, resorting to name-calling and threats on social media. Despite their aggressive stance, legal experts suggest that the Shark Cat team may face significant legal liabilities for copyright infringement.
The crux of the issue lies in Shark Cat’s unauthorized use of Nala’s copyrighted image to fuel its meteoric rise in value. Legal scholars argue that Shark Cat’s entire revenue stream is derived from this infringement, making them vulnerable to legal action.
Furthermore, Pookie’s discovery of the Shark Cat team’s real identities, coupled with their residence in the United States, strengthens her case for legal recourse. Despite the complexities of crypto lawsuits, Pookie and her legal team are prepared to pursue legal action to reclaim control over Shark Cat.
Conclusion
In the aftermath of the argument, Shark Cat’s token value plummeted by 70%, reflecting the turmoil surrounding the project. Legal experts emphasize that the situation could have been avoided if the Shark Cat team had taken measures to mitigate potential liabilities, such as altering Nala’s image or seeking proper licensing agreements.
Ultimately, the Shark Cat saga underscores the delicate balance between meme coins and the pet parents unwittingly thrust into crypto culture. As Pookie and Nala’s story unfolds in the courts, it serves as a cautionary tale for both crypto enthusiasts and pet parents alike, highlighting the need for transparency, respect, and legal compliance in the burgeoning world of meme coins.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
