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Yuga Labs is facing anger from users for keeping a KYC-restricted project under wraps

Other ideas for a blockchain game slated to arrive in Q2 2022 have been disclosed since Yuga Labs teamed with Animoca companies.

On Thursday, Yuga Labs, the company behind the Bored Ape Yacht Club, or BAYC, teased a new cooperation with Animoca Brands, a blockchain game publisher. The catch is that no information about the initiative has been released, and customers who signed up for it through a Know Your Customer (KYC) authentication process have expressed their reservations on social media.

BAYC just tweeted a link to a webpage where interested fans can submit an application in the hopes of being accepted to take part in whatever “is brewing.” Users must connect to an Ethereum wallet, supply a photo of their driver’s licence, passport, or other ID, as well as evidence of their home address, and shoot a headshot using the device’s camera.

Both BAYC and Animoca Brands emphasised on Twitter that they are not referring to the Bored Ape NFTs play-to-earn game that they announced in December. According to BAYC, the only further information available is that “this has been building over the last seven months.” “The first phase” will be revealed, according to Animoca Brands.

Members of the cryptocurrency community are weary of agreeing to KYC procedures without fully understanding what they’re getting into. “Devs, if the IRS has taken you hostage, please blink twice,” one user under the username @cr0ssETH tweeted, implying that any personal information could end up in the hands of third parties.

A Terms & Conditions document has been criticised for granting users “unrestricted” access to “all or any portion of your User Content.”

Another user, @maz nf, predicted that cryptocurrency would eventually become a “government regulated corporateverse,” recognising the inevitability of an NFT community adhering to regulation and legality in order to fully go mainstream.

These points of view triggered a debate regarding whether NFTs should be regulated and whether KYC should be implemented in NFT marketplaces. OpenSea has recently been the target of phishing campaigns and breaches, making NFT owners extremely exposed. An art gallery owner’s $2.2 million Bored Apes collection was taken from his heated wallet in December 2021.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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