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Nala Cat and Shark Cat Reach Agreement
After a tumultuous beginning to their collaborative efforts, the Nala Cat brand and the current team backing the Solana meme coin known as Shark Cat (SC) have finally come to terms. This agreement grants Shark Cat an official license to utilize the intellectual property (IP) associated with Nala Cat.
Resolution Amid Discord
The saga began with a public dispute that spilled over onto social media platform Twitter. The owner of the renowned social media sensation Nala revealed last week that an understanding had been reached with the Shark Cat team. Initially, the team had utilized images of Nala’s feline persona to promote their cryptocurrency.
The team behind Shark Cat confirmed that a formal agreement had been established with the Nala Cat brand. This agreement allowed them to obtain a license to use the IP for their meme coin. Despite the initial tensions between the two parties, as detailed in prior coverage by Decrypt, a resolution was reached.
Path to Reconciliation
At the onset of the conflict, Nala’s anonymous owner, known as Pookie, had endeavored to negotiate with a community-led faction associated with Shark Cat after discovering the unauthorized use of Nala’s likeness in connection with their cryptocurrency. Disagreements arose swiftly, with the Nala Cat team feeling that the offers presented were inadequate, given that their IP supported a range of products, including a line of cat food. On the other side, the Shark Cat team believed that Pookie’s request for a significant portion of the token supply was unfeasible. Initially, it seemed that both sides were entrenched in their respective positions.
Following the coverage by Decrypt, Pookie revealed that she began receiving emails from various members of the Shark Cat community. These communications revealed a group of individuals genuinely seeking an amicable solution to the conflict.
There’s been some bad back and forth these last few weeks, and we’d like to apologize on behalf of the community for any foul behavior.
This deal is a major milestone on the swim to $1B+, can’t express how big this is.
Fins up 🥂 Shark is a Mf Cat 🦈🐱
— Shark Cat 🦈🐱 (@SharkCatSolana) May 2, 2024
Realizing the genuine human impact of the situation worldwide, Pookie became open to finding a resolution with the Shark Cat team. Crypto-focused attorney Brandon Sample, who had been following the developments, offered his legal expertise pro bono. Sample emphasized that the conflict served as a learning opportunity for both parties and affirmed that Pookie and the Shark Cat team expressed satisfaction with the resolution.
Mutual Agreement
Details of the agreement remain confidential, although Nala’s legal team disclosed to Decrypt that it involved a licensing arrangement, granting Shark Cat the authorized use of the Nala Cat brand. Both Pookie and Sample underscored the absence of animosity between the two teams, extending well wishes to the Shark Cat community for their future endeavors.
When approached for commentary, a representative from the Shark Cat community echoed sentiments of unity, stating, “We swim together now. Shark is a mf cat 🦈🐱.”
Market Response
Following the alliance, Shark Cat witnessed a significant price rebound, with a 208% surge in value over the past week, reaching approximately $0.15 per token, as reported by CoinGecko. Despite this recovery, the current price remains 55% below the peak observed on March 31.
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