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Yuga Labs Faces User Backlash As KYC Restricted Project Not Ended

Photo of Fry Electronics Team Fry Electronics TeamMarch 13, 2022
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Yuga Labs Faces User Backlash As KYC Restricted Project Not Ended

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Yuga Labs, the creator of the Bored Ape Yacht Club, or BAYC, teased about the new partnership with blockchain game publisher Animoca Brands on Twitter on Thursday. It’s worth noting that no details about the project have been revealed yet, and users who signed up for it through the Know Your Customer, or KYC, Verification Process have expressed their concerns on Facebook. Social Network.

BAYC simply tweeted out a link to a website where interested fans could sign up in the hopes of being approved to participate in whatever is “in production.” To register, users must connect to an Ethereum wallet, provide a photo of their license, passport or other identification as well as proof of their home address, and take a headshot on the device’s camera. to which they are registered.

Both BAYC and Animoca Brands clarified on Twitter that they were not referring to the NFT Bored Ape monetization game they announced in December. The only other information provided was that “this work is already under construction. over the past seven months,” according to BAYC. Animoca Brands will be reported disclosure “first phase.”

Members of the crypto community are wary about agreeing to KYC requirements without knowing exactly what they are signing up for. One user posting under the handle @cr0ssETH tweeted, “Devs, if the IRS has taken you hostage, please blink twice,” indicating the possibility that any personal information could fall into the hands of a third party. .

In addition to the sensitivities surrounding KYC, the Terms & Conditions document has been criticized for causing users to agree to “unrestricted” use of “all or any part of your User Content.” “

Another user under @maz_nf has warned that cryptocurrency will soon turn into a “government regulated business”, acknowledging the inevitability of the NFT community in regulatory and legal compliance. reason to really become mainstream.

Related: Harmony Launches Bored Ape . Yacht Club NFT Passport

These views have sparked debate over whether NFTs should be regulated and whether KYC should be integrated into NFT markets. Recently, OpenSea has been hit by phishing attack and hacks leave NFT owners very vulnerable. In December 2021, Art gallery owner’s Bored Apes collectionworth $2.2 million, was stolen from his hot wallet.