Bored Ape Yacht club Slammed for a New KYC Restricted Project

 

New Bored Ape project requires KYC

Bored Ape fans will need to reveal their identities to take part in Yuga Labs’ latest project.

Although the creator of Bored Ape Yacht Club released a teaser site for a collaboration with crypto game developer Animoca Brands on Thursday night, many users are hesitant about signing up. 

It is necessary to undergo complete know-your customer verification before you can register an Ethereum wallet. These requirements include a passport or driving licence, as well as a variety of personal details including date of birth, family name, and proof address. 

Many members of the crypto community have spoken out against the move on Twitter, slamming Yuga Labs’ stringent KYC requirements. “Sad day, will be the first ( and hopefully last ) BAYC related thing I’m gonna skip. No KYC for me thanks,” said one user posted under the handle @OGDfarmer. However, others appear more understanding of Yuga Labs’ KYC requirements. User @BAYC2745 pointed out KYC is a requirement for NFT brands such Yuga Labs who wish to become mainstream.

A Terms of Service document, which users must agree to, was also criticized. The Terms of Service grant Yuga Labs partner Animoca Brands the right to license, adapt and commercialize any portion of users’ current and future content produced through or connected to the new project. “I really thought we were trying to move away from a web that profited off people’s IP without their consent,” said user @SebsDead_, referencing the crypto community’s efforts to move away from centralized Web2 platforms where users do not own their content. Crypto enthusiasts believe that the next evolution of Web2 is “Web3,” a new version of the Internet where decentralization is paramount, and users maintain ownership of what they create online.

While many Bored Ape Yacht Club fans are displeased with the KYC requirements, the team behind the project appears to understand their fans’ concerns. Following up on the Tweet that announced the project, the official Bored Ape Yacht Club Twitter account was also posted. posted:

“This has been building over the last seven months. @AnimocaBrands will launch the first phase, and there’s more to come. P.S. we don’t like KYCs either, but we think you’re going to want to be a part of this.”

The Bored Ape Yacht Club account stated in the same thread that the project would not have anything to do with either the Bored Ape Yacht Club token, or the play-to-earn games. 

Bored Ape Yacht Club (NFTs) have been the subject of a lot mainstream attention over recent months. Several major celebrities revealed they had bought Bored Ape NFTs, including talk show host Jimmy Fallon, rapper Eminem, and sports stars such as the Golden State Warriors’ Stephen Curry. 

In February, rumours surfaced that Yuga Labs, the Bored Ape creator, was in discussions with Andreessen Horowitz about a potential investment. This would have a value of between $4 billion and $5 billion. Multiple sources have confirmed this rumor. 

Despite some backlash against the KYC requirements, this new collaboration project will boost the hype surrounding Bored Ape Yacht Club. 

Yuga Labs declined to comment on the matter at press time.

 

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