Yuga Labs faces user backlash for under wraps KYC-restricted project

Yuga Labs faces user backlash for under wraps KYC-restricted project

Yuga Labs (creator of the Bored Ape Yacht Club or BAYC) teased a new partnership with blockchain game publisher Animoca Brands via Twitter on Thursday. However, no details have been released about the project and those who signed up via Know Your Customer (or KYC) verification have voiced their concerns on social networks.

BAYC just tweeted a link to a website that allows interested people to apply to be approved to take part in “is brewing”. Users must first connect to Ethereum and upload a photo of their passport, license or other ID.

fuck it, again.https://t.co/1KlPpVjWkb
— Bored Ape Yacht Club (@BoredApeYC) March 10, 2022

BAYC and Animoca Brands both clarified via Twitter that they were not referring the play-to earn game with Bored Ape NFTs, which they announced in December. BAYC stated that the only information they had was that “this has been growing over the past seven months.” Animoca Brands is expected to reveal the “first phase.”

Crypto community members are cautious about agreeing to KYC requirements, even though they don’t know what they’re signing for. @cr0ssETH posted the following tweet: “Devs. If the IRS has taken your hostage, please blink twice,” suggesting that personal information could be in the hands third parties.

BAYC’s twitter account has just tweeted a form that you can fill out. It requires your ID/Passport and eth/home address. Devs, if you feel that the IRS has taken your hostage, please blink twice.
— cr0ss.eth, March 10, 2022 (@cr0ssETH).

A Terms & Conditions document, in addition to KYC, has been criticized as requiring users to consent to an “unrestricted use” of “all or any part of your User Content.”

While I support BAYC, I am not a fan. But has anyone in your team read the T&C of your partners? People are being forced to KYC and agree to these terms. It was clear to me that we were trying get away from a website that made money off of people’s IP without their consent. pic.twitter.com/6H2C6szUmD
— Sebssant (@SebsDead_ March 11, 2022

@maz_nf was a user who warned crypto would soon become a “government-regulated corporateverse.” This is recognizing that the NFT community must adhere to regulations and legalities in order to be mainstream.

Three years ago, we all cried for validation. Now we have it. Crypto, NFTs, and whatever comes next will be turned into what we feared most…a Government regulated Corporateverse buckle up and smile for the camera, see you on Mars https://t.co/3c8aWo3lBU
— MachG (@maz_nf), March 11, 2022

Similar: Harmony launches Bored Ape Yacht Club NFT Passport

These views led to the debate over whether NFTs should have been regulated or if KYC should also be included in NFT marketplaces. OpenSea was the victim of phishing attacks, hacks and other threats that made it very vulnerable to hackers. A December 2021 theft from his hot wallet resulted in the loss of $2.2 million worth of Bored Apes collections by an owner at an art gallery.

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