New partnerships have been formed between Yuga Labs and Animoca Brands as of today. A partnership between BAYC and one of the most important venture capitalists in the industry should make people happy. Not this time. Today, Animoca Brands will start the project’s first phase, which will need to be approved by the Bored Ape Yacht Club first.
Everyone at BAYC was shocked when they found out about it. There was a lot of outrage on social media almost right away. In the beginning, many people were angry because neither company explained why KYC verification was important. A lot of people also didn’t understand why this feature was in a supposedly Web3 environment. Overall, most people didn’t expect this from their favourite BAYC.
There isn’t much on the new website for the BAYC and Animoca Brands. The only thing there is a link to MetaMask. Users will then have to prove who they are in order to take part in the project’s upcoming launch. The team has told the community that this is something they would like to be a part of, even though there aren’t any specifics yet.
In December 2021, BAYC and Animoca Brands announced that they would work together on a new play-to-win game that would be out in December. Today’s news had nothing to do with the game, they said, but they didn’t say that. Another thing: The release doesn’t talk about BAYC coins at all. Instead of wondering what this new project might be, people were more angry about it. In fact, even one of the people who owns BAYC has said he won’t be involved in any projects that have anything to do with BAYC.
What is the point of KYC?
Depending on the situation, both KYC verification and anonymous transactions can be good things. In the NFT world, anonymity is very important. However, it is also one of the main reasons for a lot of fraud in the NFT space. There is a chance that KYC checks will cut down on the number of times this happens. Unless the owners of a specific asset make it clear that they own it, most projects in the NFT space aren’t known. So, it’s not surprising that the community did what it did.
Despite this, many people are still excited about the project and have already done the KYC verification process. It doesn’t matter what’s going on right now. BAYC and Animoca Brands are still two of the most successful companies in their fields. They went ahead and did it anyway, but some Twitter users had trouble with the process.
In addition to BAYC’s statement, a lot of people helped BAYC. As a whole, they think BAYC will only agree to these terms if they have no other options. For now, we’ll have to wait because there isn’t a lot of information out there.
