In November 2024, a viral meme turned cryptocurrency, Chill Guy, caused a stir in both the crypto and legal worlds. The Solana-based meme coin soared to an astonishing $500 million market capitalization in just a few days, driven by social media buzz and TikTok fame.
However, this rapid success has been marred by legal disputes, with the creator of the Chill Guy meme, Phillip Banks, planning to take legal action against unauthorized commercial use of his intellectual property. This, of course, does not jeopardize the usage of the image or the character in memes. Instead, Banks has a problem with the unauthorized usage of his copyrighted IP, for commercial purposes.
Chill Guy creator to issue takedowns for unauthorized usage
Chill Guy, a character known for its calm, laid-back demeanor, quickly became a viral sensation on TikTok. The character, an anthropomorphic dog wearing a gray sweater, blue jeans, and red sneakers, was created by artist Phillip Banks in 2023. The meme, often accompanied by the hashtag #ChillVibes, resonated with Gen Z for its message of resilience and maintaining calm amidst life’s challenges.
The meme’s widespread popularity on TikTok caught the attention of cryptocurrency developers, who created the CHILLGUY token. In just five days, the token’s market cap surged from a modest $10 million to an eye-popping $500 million, fueled by speculation and excitement within the crypto community. Early investors saw massive returns, with one individual turning a $1,000 investment into over $400,000 in realized gains, while unrealized profits surged past $600,000. (via ITC)
However, despite the success, Phillip Banks, who copyrighted the character in 2023, has expressed his displeasure over the token’s commercial use. In a statement on social media, Banks made it clear that he had never given permission for his art to be used for crypto-related projects and would be taking action to protect his intellectual property.
I do not, and will never, endorse or condone any crypto-related projects involving my work.
Banks’ intention is to issue takedown notices targeting unauthorized commercial uses, including merchandise and meme coins, that profit from the character’s likeness without his consent. The legal threat has already had a tangible effect on the CHILLGUY token’s value, which dropped nearly 50% from its peak following Banks’ statement. While the token has since seen some recovery, the controversy surrounding its legal status looms large.
Netizens no longer believe Philip Banks is a ‘chill guy’
As one would expect, the latest update has not gone down well with the internet. A range of users rushed to respond to the updates related to Banks. One fan claimed that they no longer believe Banks is the chill guy they once thought he was:
Lmao, guess he’s not exactly the chill guy we thought, huh?
A range of other users had similar sentiments. However, some also defended Banks, claiming that while he may have a problem with the usage of his character for merchandize and ‘scamcoins,’ the usage of it in memes is not a problem:
Needless to say, the internet was divided on the matter, with quite a few appearing to understand Banks’ perspective on the matter as well.
This post belongs to FandomWire and first appeared on FandomWire
