Yuga Labs and Animoca Brands are “brewing” something

Yuga Labs announced that it would be collaborating with the blockchain game publisher and venture capital Animoca Brands.
Yuga Labs announced that it would be collaborating with the blockchain game publisher and venture capital Animoca Brands.

This Thursday, the company behind the creation of the famous Bored Ape Yacht Club or BAYC NFT, Yuga Labs announced that it would be collaborating with the blockchain game publisher and venture capital Animoca Brands. However, the two companies have not revealed any information about the same except that the users can sign up via a Know Your Customer (KYC) process.

BAYC simply tweeted out a link for interested fans to apply in the hope of getting approval for participating in whatever is “brewing.”

The users have to connect to an Ethereum wallet along with a photo of their passport, license, or any other ID with proof of their home address for the application. While signing up, they are also required to take a headshot on the camera.

Animoca Brands and BAYC working for seven months

Both Animoca Brands and BAYC clarified that they are not talking about a play-to-earn game featuring Bored Ape NFTs that they announced last year. All we know is that this project has been building over the last seven months.” Animoca Brands will reportedly unveil “the first phase.”

Before this, Ethereum-based Blockchain platform Harmony launched BAYC NFT Passport in February 2022.

KYC: For or against?

There have been various points of view when it comes to NFTs and KYC. An individual on Twitter stated, “Devs, if the IRS has taken you hostage, please blink twice,” indicating the possibility that any data could end up to third parties.

A Terms & Conditions document has also been criticized for granting users “unrestricted” access to “all or any portion of your User Content.”

These points of view triggered a debate regarding whether NFTs should be regulated and whether KYC should be implemented in NFT marketplaces. OpenSea has recently been the target of phishing attacks and breaches, making NFT owners extremely vulnerable. An art gallery owner’s $2.2 million Bored Apes collection was taken from his hot wallet in December 2021 after which he sued OpenSea regarding the same.