By Nathan Ferguson
Yuga Labs – the creator of Bored Ape Yacht Club – has undergone criticism from the community of cryptocurrency following the sanctioning of the platform’s unique partnership with Animoca Brands, demanding the consumers to go through know-your-customer (KYC) verification.
KYC requirements for exclusive Bored Ape Program
The fans of BAYC will require disclosing their identities before participating in the exclusive project of Yuga Labs. The manufacturer of Bored Ape Yacht Club issued a teaser site for its approaching partnership with Animoca Brands (known as a crypto-based game developer) on Thursday; however several consumers are reluctant to perform a sign-up.
The cause at the back is that to obtain the registration of an Ethereum-based wallet, consumers ought to pass through a complete KYC verification. The demands take account of the provision of address proof, date of birth, family name as personal details. A reaction has been witnessed from several participants within the crypto community over the social media giant Twitter, criticizing the strict KYC requirements implemented by the Yuga Labs.
One of them named @OGDfarmer noted in a Twitter post to leave the BAYC due to unwillingness to be subject to KYC rules. Nonetheless, the rest of them showed some understanding of the KYC requirements of the platform. The user called @BAYC2745 expressed that a vital role is played by the KYC rules in the case of the large NFT brands that are pursuing to come to the mainstream, like Yuga Labs.
The reaction from the crypto community
Apart from the KYC requirements, a document containing the Terms of Service to have a necessary consent from the consumers has been condemned. As per the Terms of Service, Animoca Brands is provided with the right to commercialize, adapt, as well as license any of the present or future content of the customers that is constructed via or is associated with the latest program.
Another user under the name @SebsDead_ stated that one facility provided by the asset class industry was that the customers were protected from a kind of web where the platforms earned profits out of the IPs of the people without having consent.
Crypto advocates consider that the forthcoming evolution of the traditional Web2 counts as Web3, which is the Internet’s unique form with the provision of decentralization. The user moved on to point out that the consumers under Web3 have autonomy over the content created by them online.