While the world waits for the reported Yuga Labs/Bored Ape Yacht Club (BAYC X Animoca)$APE token, a new announcement was made on Twitter yesterday evening.
The previously publicized proposal about a collaboration between Animoca Brands and Bored Ape Yacht Club (BAYC) to develop and sell a blockchain game employing BAYC’s extremely successful Bored Ape non-fungible coins sparked immediate skepticism (NFTs).
The team acknowledged that it has nothing to do with it or their coin (which is supposed to drop before the end of March.)
Bored Ape Land Club?
With both the game and the token ruled out, talk has shifted to some form of land project or marketplace being developed in collaboration with Animoca. Animoca has well-documented partnerships with some of the world’s leading NFT projects. They also have experience in the metaverse and assisting projects in navigating the space.
The intriguing aspect of this registration is that it is presently available to everyone. This has driven the web3 communities into a frenzy in hopes of gaining access to the next stage of BAYC initiatives. The hitch is that you must have an ETH wallet attached and self-identify using Know Your Customer (KYC).
What Is KYC, And How Does It Work?
KYC is a process that establishes an individual’s or organization’s identification.
To participate in the digital currency world, you must be KYC compliant. This implies you must supply personal information and documentation proving your identity. Most digital exchanges, as well as ICOs, require it.
While cryptocurrencies are getting more popular, the regulatory landscape remains unsettled. Many governments have adopted various ways to regulate digital currency.
KYC is primarily used to prevent fraud and money laundering. The government has begun to regulate cryptocurrency exchanges, and to do so; they must first understand who they are dealing with.
BAYC x ANIMOCA KYC Issue
The NFT Culture team favors KYC in many cases, especially if cryptocurrencies and web3 are to break out of their current niche. The problem with KYC is that they want you to go through a time-consuming process with little information about what you are self-identifying for.
You shouldn’t expect individuals to go through the identifying procedure if they don’t have to.
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Telling them exactly what they’re signing up for.
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Ensuring that everyone who self-identifies as gay gets access to the product, they are signing up for
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Explaining why and how KYC is required.
As of the publication of this article, none of this has occurred.
Understanding KYC
The truth is that KYC isn’t about cryptocurrency. The government is implementing KYC laws that are currency or asset class agnostic. Last year, the government broadened them to include everything from crypto / NFTs to reselling tickets on TicketMaster. While you may dislike KYC, if you sell anything, you will almost certainly have to go through some KYC process (and have 1099 attached to it).
There are already several organizations attempting to streamline the KYC process and will most likely operate as escrow/liaison services to assist Small Businesses and individuals in navigating this market.
Is The BAYC x ANIMOCA KYC Issue A Precursor To $Ape Coin?
If this is a marketplace, it could be an excellent way to help individuals KYC before the token release. Making the process simpler when / if the token is published. One thing Yuga Labs is highly focused on is doing this correctly. The team bears significant weight in representing and establishing best practices to assist NFTs in becoming mainstream. We’re interested in learning more about this initiative and can’t wait to see what happens next.
For the time being, with so little information available about this upcoming project, you’ll have to decide whether it’s worthwhile. Half of the PlayToEarnDiary team has already said yes.
Stay tuned to PlayToEarnDiary for more updates as events unfold.
