Yuga Labs and Animoca Brands just announced a new partnership today. Under normal circumstances, a collaboration between BAYC and one of the largest venture capitalists in the space should bring shouts of joy on the streets. Well, not this time. Earlier today, the Bored Ape Yacht Club tweeted that Animoca Brands will launch the first phase of the project, and it will require a KYC verification.
The news dropped like a bombshell, straight into the hearts of the BAYC community. There was an uproar on Twitter, almost immediately. First things first, many people were angered as there was no explanation from either company as to why KYC verification was required. In addition, many questioned the intent of such a feature in a supposedly Web3 environment. All in all, most people just did not expect this to come from their beloved BAYC.
If you go to BAYC and Animoca Brands’ new website, there is nothing much but a link to connect to MetaMask. Subsequently, users will have to verify themselves in order to participate in the upcoming project launch. Currently, there is no information available, but the team assured the community that it is something they would want to be a part of.
In December 2021, BAYC and Animoca Brands announced their collaboration in a new play-to-earn game. However, they mentioned that today’s announcement is unrelated to the game. In addition, the announcement is also not referring to any BAYC cryptocurrencies. Ultimately, this attracted more angry responses instead of speculation of what this project could be. A BAYC investor even said that he is done with any BAYC-related projects from now on.
KYC verification and anonymous transactions both have their benefits, depending on the situation. Anonymity is often appreciated in the NFT space. However, it is also one of the main reasons for the rampant fraudulent behavior in the NFT space. By introducing KYC verification, it may reduce the number of such cases. Most projects in the NFT space are anonymous, unless owners publicly announce ownership over a certain asset. Therefore, it is no surprise why the community reacted the way it did.
Nevertheless, many users are still bullish on the project and went through the KYC verification process. Regardless of the current narrative, BAYC and Animoca Brands are still two of the most successful entities in their respective areas. Some Twitter users went ahead with the process, and a portion of them faced problems in the midst of the verification.
On top of BAYC’s announcement, several users came to BAYC’s aid. Essentially, they believe that BAYC will only accept these terms if they have no better alternatives. We will just have to be patient for now, since there are limited details at the moment.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.