What Is Lil Baby Ape Club?! Which Is the Real One?! Possibility to Develop into the Biggest Event in NFT History
There is something interesting going on in the NFT industry right now, so I decided to write an article.
A collection called “Lil Baby Ape Club” was released November 15, 2021.With tremendous popularity, 5000 works published in one day have been sold out. And the total trading volume up to today has exceeded 4200ETH.
It is written that it is not an officially derived collection in the baby version of the popular collection called “Bored Ape Yacht Club (BAYC)”, but since BAYC is trading at a high price, buyers who are expecting price increases are flooded and it has also risen to the TOP3 in the transaction volume ranking.
However, some Twitter account has claimed that this currently released collection was fake. Let me explain the details.
■ What Is Lil Baby Ape Club?! Which Is the Real One?!
First of all, please see below.
The currently released Twitter account (11.6k followers)
https://twitter.com/LilBabyApeClub
↑ (Deleted now)
New Twitter account
https://twitter.com/LBACofficial
The Twitter account that claims to be the real one (856 followers)
https://twitter.com/LilBabyApeClub1
As you can see, the account that claims authenticity has fewer followers.
In fact, this account first tweeted on November 16, 2021.
In the first tweet, this account claimed that the released Lil Baby Ape Club was fake.
Since then, the released collection is still being called fake.
[Lil Baby Ape Club] 1st (Fake?!)
https://opensea.io/collection/lilbabyapeclub
[Lil Baby Ape Club] 2nd (Real?!)
https://opensea.io/collection/lil-baby-ape-club
It tweeted that it would work with OpenSea to eliminate the fake one.
However, when you read the comments, you can see various opinions.
“Many collection holders have already joined, and removing them would be a big problem.”
“What about the 3000 holders of the Fake Collection?!”
“This account is fake!”
Yes. I have already purchased as one of the holders, so I can’t help but be worried, as well.
Cointelegraph article
According to this article, there is also the view as following.
it’s possible that the BAYC community could petition OpenSea to delist the Lil Baby Ape Club project.
The follow-up report will be added next article.
■ Collection Reliability
The currently released [Lil Baby Ape Club] collection
I looked up the contract address of the collection.
Contract Address
0xB48eb7B72Ff5A4B5EF044EA9E706C990bb33884D
https://etherscan.io/address/0xb48eb7b72ff5a4b5ef044ea9e706c990bb33884d
TokenTracker: LilBabyApeClub (LBAC)
And all works are minted with original contract addresses.
And all 5000 works have the same title and ID.
This is exactly 5000 works when minting, and all were uploaded precisely, so the technical ability in this respect can be evaluated. (If you mint each work one by one, the ID may be misaligned.)
This account should have an accurate program, well prepared and minted.
This image is a screenshot of the app version of MetaMask.
The ownership has been transferred to me and been displayed in the MetaMask app.
These points can be evaluated as NFTs at the same level as Bored Ape Yacht Club (BAYC).
■ Summary
・Currently, there are already 3000 holders of the collection.
・Declared that the account claiming the authenticity will cooperate with OpenSea to eliminate the fake one.
・There is no problem with the quality of the collection
・The problem is ongoing and the development is still unreadable.
From here on, it is my personal opinion, but 5000 NFTs have already been released and sold out, and all ownership has been transferred to as many as 3000 holders.
In this situation, even if you claim this as “Fake!”, these work data are already minted on the blockchain. In the situation where the ownership of each work has been transferred to 3000 people, I think that even if the copyright and the ownership of the data are publicly proved, it will not be easily solved.
Even if the claimant of the authenticity gives evidence that the data for these 5000 works has been stolen, the 3000 buyers who bought them are well-meaning third parties and are buying them without knowing what’s going on behind the scene.
There is also the problem of the purchase cost and the gas cost at that time.
And it is also necessary to investigate which country’s law determines transactions on OpenSea.
If there is new information or new development, I will add it here.
Depending on the deployment, it could be a big problem in the future.
Please check this topic by all means.
(I have already purchased some, so I can’t help but be worried. lol)
I hope the solution will go in the right direction for all holders!
Okay, have a fun NFT life, everyone!
