Bored Ape Yacht Club unveils “Made by Apes” verification tool: An innovative step towards decentralized governance
Yuga Labs, the illustrious company behind Bored Ape Yacht Club (BAYC), recently unveiled its plans for an innovative tool to be launched later this month. Aptly dubbed “Made by Apes”, this IP verification tool is set to bring a breath of fresh air to the digital art space.
Collaborative effort
Conceived in partnership with SaaSy Labs, this trailblazing project seeks to meet the demand for an on-chain solution capable of verifying items made by club members using their intellectual property (IP). This revolutionary tool is also slated to establish an official directory for the BAYC‘s artistic output, a kind of digital Smithsonian for the club’s imaginative works.
Greg Solano, Yuga Labs co-founder, underscored the significance of this endeavor in a tweet, noting the prevalent use of club members’ IP to fashion original assets. Yet, without an accessible, officially sanctioned method of verifying these creations, artists have lacked a critical tool in their digital toolbox.
The partnership with SaaSy Labs is a significant leap towards bridging this verification gap, offering a user-friendly solution to meet this long-standing need.
Market implications
Meanwhile, the market hasn’t been blind to these developments. Despite a current BAYC NFT floor price sitting at a humble $64,225, once soaring to a staggering $600,000 in 2021, market expert Will Clemente highlights the floor’s fall by over 90%. Regardless, the enthusiastic reception of “Made by Apes” suggests this could be the catalyst for a potential rebound.
Community reactions and beyond
The Bored Ape Yacht Club members and the larger NFT community are buzzing with anticipation. For instance, Twitter user @dim8765 suggested that “Made by Apes” is likely the first stride toward a decentralized autonomous organization (DAO) where holders control the BAYC brand, adding an extra layer of intrigue to the news.
Concluding notes
In related news, recently was reported a case involving a Moroccan man charged by US prosecutors for pilfering two Bored Ape NFTs and other digital assets through a counterfeit OpenSea marketplace.
While this incident underscores the ongoing need for security measures in the digital marketplace, BAYC’s move towards self-governance and verification demonstrates the kind of innovation that may be key to addressing these challenges. All eyes will be on the upcoming launch of “Made by Apes”, a potential game-changer in the NFT world.
