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Crypto Enthusiasts Have Criticized The Bored Ape Yacht Club For Their New KYC Scheme

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After the company’s latest collaboration with Animoca Brands, which requires members to undertake Know-Your-Customer (KYC) verification, the creators of Bored Ape Yacht Club (BAYC) have received outrage from its supporters. To participate in BAYC’s latest project, the ape community will have to share their photo identities as well as their official credentials.

Even though the project’s specifics are unknown at this time, BAYC posted a link to a website where fans can apply in the hopes of being authorized to participate in whatever “is brewing.” Users must link to an Ethereum wallet, offer a photo of their license, passport, or other ID, as well as verification of their home address, and shoot a headshot with the camera on the device on which they sign up, according to the tweet.

Despite the fact that the project’s details are currently unclear, BAYC posted a link to a website where fans can apply to be a part of whatever “is brewing.” Users must connect to an Ethereum wallet, provide a photo of their driver’s license, passport, or other ID, as well as proof of their home address, and take a headshot using the device’s camera, according to the tweet.

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BAYC is a popular collection of 10,000 unique bored NFT apes made by Yuga Labs for the uninitiated. Celebrities have flocked to the NFT bandwagon, generating more than $1 billion in total sales.

In addition, Yuga Labs’ Terms of Service document has been severely criticized. Yuga Labs and Animoca Brands will have the “right to license, modify, and market any portion of users’ current and future content produced through or connected to the new initiative,” according to the agreement.

Yuga Labs’ Terms of Service document has also been heavily criticized. According to the terms of the agreement, Yuga Labs and Animoca Brands would have the “right to license, edit, and commercialize any portion of users’ current and future content produced through or connected to the new initiative.”

However, Yuga Labs, the creators of BAYC, stated on Friday that they had purchased the rights to Larva Labs’ NFT collection CryptoPunks and Meebits. Yuga Labs currently holds 423 CryptoPunks and 1711 Meebits, for a total of 423 CryptoPunks and 1711 Meebits.