For Aqua, TNCR Poet in Residence
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Oh yeah, quite familiar.
It was a thing in both medieval europe and Scandinavian cultures. We all got down with crackin' wise, although it didn't exactly sound like that. They recited that shit on the fly, in verse. Their sick burns make ours sound like the ravings of toddlers.
In poetry, Lokasenna is probably the most famous example. With the exception of Baldur, Loki reigned supreme with flyting.
(The poem's also a very early example of the "it's better to invite your enemies to dinner" motif.)