Yuga-Labs, the creators of BAYC (Bored Ape Yacht Club), is collaborating with Animoca Brands on a new project. Many fans, though, are disappointed with its KYC documentation. A ‘Terms of Service’ document has also been criticised because it enables Animoca Brands to commercialise the content of users.
BAYC collaborating with Animoca Brands on a new project
Yuga-Labs, the developer of the Bored Ape Yacht Club (BAYC), has attracted outrage from the cryptocurrency world after requiring users to go through know-your-customer (KYC) authentication in order to join up for the company’s new cooperation with Animoca Brands. To participate in Yuga Labs’ next experiment, BAYC fans will need to disclose their identity. Fans must also agree to a Terms of Service contract, which provide Animoca Brands, a Yuga Labs partner, the right to licence, alter, and commercialise any portion of the new initiative’s current and future material developed by or linked to the new initiative. On Thursday night, the BAYC’s creator revealed a webpage for an upcoming collaboration with crypto game developer Animoca Brands.
Community criticised BAYC for stringent KYC
The fundamental reason for the new development is that in order to register an Ethereum wallet, a user must go through an extensive KYC process. Many members of the cryptocurrency community have expressed their unhappiness with the move on Twitter, criticising Yuga Labs’ stringent KYC procedures as well as the ‘Terms of Service’ agreement.
In a follow-up to the project’s announcement Tweet, the official seemed to acknowledge their fans’ concerns. The official Twitter handle of BAYC posted a Tweet expressing that they also don’t like KYCs, but thinks that BAYC fans would like to be a part of this. The BAYC Twitter account also indicated in the continuation post that the initiative will have nothing to do with the previously confirmed Bored Ape Yacht Club token or play-to-earn game.
Regardless of the controversy over its KYC restrictions, the new collaboration effort appears to be boosting the enthusiasm behind the Bored Ape Yacht Club image even more.