The Bored Ape Yacht Club has been under fire by the community after announcing a new project with Animoca Brands.
Based on a Twitter post by the Bored Ape Yacht Club, the creators posted a website link and announced a new project between Yuga Labs (the company behind the BAYC collection) and one of the largest game software companies in the world, Animoca Brands. The website already lets users connect their MetaMask wallets.
Likewise, the BAYC clarified that this project has nothing to do with an earlier partnership with Animoca Brands, nor the release of their token.
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BAYC elaborated by saying that this particular project will require users to provide personal details to abide by the know your customer (KYC) rules. This includes a picture of a driver’s license, government documents like a home address or a banking statement, and most likely an on spot picture of yourself.
While some just brushed off this requirement, the majority of BAYC owners were shocked since NFTs never really needed any identification before. Likewise, some argued that they would be fine to disclose their identity if they knew what the project was all about. However, that isn’t currently the case.
Even though KYC requirements to purchase NFTs are probably not the best practice to sell digital art, the influx of malicious activity around the digital asset industry over the past several months has raised some eyebrows from regulatory authorities.
