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Priyanka Jadhav
Mar 14, 2022
by Priyanka Jadhav

New KYC Project From BAYC Faces Crypto Community Backlash

BAYC
The crypto community’s foundation is based upon the use of pseudonyms for privacy to shelter one’s identity, which is the first step towards self-sovereignty. Thereby, when Bored Ape Yacht Club (BAYC) asked users to share their personal information, they considered this a deal-breaker. 

BAYC Invades Privacy

The creator of the widely popular NFT collection, Bored Ape Yacht Club, Yuga Labs announced a collaboration with the game developer, Animoca Brands for their new project. However, the announcement was concerning to the users as the project desired KYC verification requirements. 

In addition to personal information like passport details, family name, proof of address, and even selfies; there is also a Terms of Service document that allows Animoca Brands to commercialize content by the users. BAYC also released a teaser website on Thursday, however, the lack of information has made users hesitant to sign up.

Many users of the crypto community have commented on the Twitter thread, disappointed by the stringent requirement Yuga Labs have placed. However, regardless of the backlash faced for their new project, Yuga Labs and Animoca Brand have geared up for the project.

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privacy NFT Animoca Brands Yuga Labs Bored Ape Yacht Club KYC Requirements
New KYC Project From BAYC Faces Crypto Community Backlash
Priyanka Jadhav
Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

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