NewsletterBored Apes Yacht Club Announces On-Chain Verification Solution For Builders
Bored Ape Yacht Club (BAYC) announces the upcoming launch of “Made by Apes,” an on-chain IP verification tool in collaboration with SaaSy Labs. The tool aims to provide a seamless way for BAYC members to verify their creations and establish an official catalog within the club. BAYC floor price is down 90% from its all time high.
New IP Tool Teased by Bored Apes
In an exciting development for the Bored Ape Yacht Club, the highly popular NFT collection, the team has revealed their plans to introduce an IP verification tool called “Made by Apes” later this month. The tool, developed in partnership with SaaSy Labs, aims to address the need for an on-chain solution to verify items created by club members using their intellectual property (IP) and establish an official directory for BAYC creations.
Greg Solano, co-founder of Yuga Labs, tweeted the importance of an on-chain verification system, stating that club members have been actively creating items with their IP, but there hasn’t been an easy and official way to verify these assets. The collaboration with SaaSy Labs presents an exciting opportunity to fill this gap and provide a user-friendly solution.
Richy Rich, founder of SaaSy Labs, expressed his enthusiasm for the project:
A little overwhelmed at the moment to see what we’ve been working so hard on come to fruition and see the positive response Everyone asked why IP matters and I think this initiative will substantiate the value of IP.
Also Read: Binance’s New IEO Project Arkham Faces Backlash for Data Privacy Controversy
BAYC Foor Price Spirals
The BAYC NFT floor price, currently at $64,225, which once soared to $600,000 in 2021, is now down by over 90% as highlighted by Will Clemente.
Members of the Bored Ape Yacht Club and the wider NFT community have also shared their anticipation for the launch. A Twitter user with the handle @dim8765 mentioned that “Made by Apes” appears to be the first step toward a decentralized autonomous organization (DAO) where holders take charge of the BAYC brand.
In related BAYC news, CoinGape reported that on Monday, July 10, US prosecutors charged a Moroccan man for stealing two Bored Ape NFTs and other digital assets by creating a fake OpenSea marketplace.
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