Meme coin modeled in Baby Shark Creator collapses

A meme coin that promoted the name of Pinkfong collapsed Thursday after the entertainment company behind YouTube Baby Shark said he was not affiliated with the Token.

The meme currency, which was created using the history protocol network to administer intellectual property rights and the creation of derived works, “without authorization”, Pinkfong “was issued saying In a publication on X, promising “serious legal consequences” for those who violate the law.

Although the history protocol is designed to eliminate rental search intermediaries of the IP industry, it seems that an alleged misunderstanding between two of its users has created more work for lawyers than projects that obtained the rights of the Pinkfong IP IP traditionally.

Pinkfong is more than a Fox Pink: the South Korean firm, which has generated more than 140 billion views accumulated in its YouTube channels, is responsible for the most popular video on YouTube, with iconic letters such as “Baby Shark, Doo Doo doo doo doo doo”.

In a publication now eliminated in X, History Protocol saying that users could “remix and expand” the IP behind the hairy pet of Pinkfong after their tokenization, according to screenshots shared by Thursday the pseudonym Sleuth Blockchain Zachxbt.

“Fascinated to see how this collaboration develops,” said the co -founder and CEO of Story Protocoly, Sy Lee, in a publication now eliminated.

Decipher It has communicated with the history protocol to comment.

The meme currency debuted on the Story Protocoly network had a market capitalization of $ 6.32 million on Friday, according to Dex detection. A few hours after its start on Tuesday, the Token shot at a market capitalization of $ 519 million.

Bublemaps, a popular chain visualization tool and cryptography detection firm, saying In X that he found internal activity around the meme coin. He found no evidence that the activity was linked to the history protocol, but about 7% of the token supply was immediately collected.

Meanwhile, the price of the native token in history, which serves as the underlying means of the platform, has been volatile. Since Tuesday, the price of history has fallen from $ 12.91 to $ 7.24, while around $ 9.35 is resolved, according to Crypto’s data supplier Coingcko.

Pinkfong has supported two meme coins that exist in the Solana and BNB chain. As mentioned earlier, the unofficial exists in the network of history. He debuted through a platform called IP World, which says it is “built for Degens, by Degens.”

The project said he had been working with a Pinkfong’s licensed partner, but he learned that the company’s license was not valid, according to the agreement he had with another licensee. No one was prevented from participating with the IP until it was verified.

IP World said the incident, although frustrating, showed some of his safeguards. Because the IP was not verified in the world of IP, “creators’ rates remain blocked in the protocol and cannot be claimed until the owner of the legitimate IP is confirmed.”

The collapse of the unofficial meme pinkfong currency has caused Scrutiny towards the history protocol among some spectators of the industry, but IP World made it clear on Thursday that the network that supported its service had little to do with the real problem.

“The history protocol, the block chain in which IP World operates, was never part of this agreement or was in any way involved in these issues of licenses,” said the project in a publication on X on Thursday. “We deeply regret the uncertainty and confusion that this has caused.”