In an exciting development for the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, the team has announced the upcoming launch of “Made by Apes,” an on-chain intellectual property (IP) verification tool. Developed in partnership with SaaSy Labs, this tool aims to provide a seamless solution for BAYC members to verify their creations and establish an official catalog within the club. As the BAYC floor price has declined by 90% from its all-time high, this initiative seeks to reignite enthusiasm among collectors and strengthen the value of the BAYC brand.
On-Chain IP Verification Tool “Made by Apes”:
The Bored Ape Yacht Club has recognized the need for an on-chain verification system to authenticate and catalog creations made by its members. With “Made by Apes,” BAYC is addressing this demand by collaborating with SaaSy Labs, a prominent development firm specializing in blockchain solutions.
Greg Solano, co-founder of Yuga Labs, expressed the importance of establishing an on-chain verification system. While club members have been actively creating items with their IP, there hasn’t been an easy and official way to verify these assets. The introduction of “Made by Apes” fills this gap, providing a user-friendly solution that will bolster the credibility of member creations.
The founder of SaaSy Labs, Richy Rich, shared his excitement for the project, acknowledging the positive response from the community. He believes that the initiative will substantiate the value of intellectual property and further enhance the BAYC brand. The collaboration between BAYC and SaaSy Labs showcases the commitment of both organizations to deliver innovative solutions that meet the needs of NFT collectors.
BAYC Floor Price Decline
Despite the anticipation surrounding the “Made by Apes” tool, the BAYC floor price has experienced a significant decline. Currently standing at $64,225, it has plummeted by over 90% from its peak value in 2021. This decline is a reflection of the wider market correction witnessed in the NFT space. However, BAYC enthusiasts remain hopeful that initiatives like “Made by Apes” will revitalize interest and strengthen the long-term value of the collection.
Members of the Bored Ape Yacht Club and the broader NFT community eagerly await the official launch of the “Made by Apes” on-chain verification tool. Excitement is evident on social media platforms, where enthusiasts are discussing the potential for this tool to serve as the first step towards a decentralized autonomous organization (DAO) within the BAYC ecosystem. This potential shift would empower token holders to actively participate in shaping the future of the BAYC brand.
Legal Challenges: Protecting the BAYC Community
In recent news, US prosecutors have charged a Moroccan man for stealing two Bored Ape NFTs and other digital assets through the creation of a fraudulent OpenSea marketplace. This incident highlights the importance of implementing secure platforms and establishing robust verification systems to protect the BAYC community from fraudulent activities. The “Made by Apes” tool, with its on-chain IP verification capabilities, aims to contribute to the overall security and integrity of the BAYC ecosystem, preventing similar incidents in the future.
Conclusion
The Bored Ape Yacht Club’s announcement of the “Made by Apes” on-chain IP verification tool in collaboration with SaaSy Labs marks a significant milestone for the NFT community. By addressing the need for an official catalog of member creations, BAYC aims to enhance the value and credibility of its brand. While the declining floor price presents a temporary setback, the introduction of innovative solutions like “Made by Apes” demonstrates BAYC’s commitment to staying at the forefront of the NFT market. As the launch approaches, excitement continues to build among BAYC members and enthusiasts, who eagerly anticipate the tool’s potential to transform the BAYC ecosystem and empower token holders in shaping its future.
