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Bored Ape Yacht Club is one of the most popular NFTs collections. The project has witnessed notable traction, and each of the collectibles are being sold for notable amounts. Recently, the NFT project has collaborated with Animoca Brands, one of the leading blockchain game developing firms. However, it is yet to be clarified what the coalition actually is. But the announcement has surprised enthusiasts in the market with Know Your Customer (KYC) measures. Following the announcements it seems like the NFT collection will require KYC registration for its collaboration with the blockchain gaming firm.
Bored Ape Yacht club faces criticisms
Bored Ape Yacht Club is an exponential Non-Fungible Tokens project. It seems now the project will require KYC registration for its collaboration with the Animoca Brands. According to the official tweet posted recently, the project has been launched on Animoca Brands, the Hong Kong-based gaming firm that publishes games, including blockchain technology.
Moreover, many of the users have also been asked to fill a form with their personal details. Notably, the fields in the form asked to provide an identity document, and personal details including Name, Family name, Selfie, Date of Birth, Address, proof of address, email id, and Ethereum address.
However, the recent announcement related to KYC measures have drawn notable criticism that is related to centralization. Many enthusiasts in the industry are highlighting that they will not register.
Unsurprisingly, the entire crypto community is angry at the development with many citing that the project would require KYC registration. Many also underscored that they would not register for the launch, if they involve KYC. Indeed, the idea of compliance goes against the trustless principles of Web3.0.
Why is the NFT collection seeking KYC?
Following the latest announcement by Bored Ape Yacht Club, many say that the measures announced are just a way for authorities to monitor the market. Many also believe that what truly incomprehensible is the fact that they do not know what they are signing for. Indeed, the full force of resentment seems to be seen over the past few days amid the announcement. Meanwhile, governments across the globe are continuing to bear down on cryptocurrencies including Non-Fungible Tokens.
KYC registration becomes a common aspect
The measures being taken by Bored Ape Yacht Club shows how authorities are bearing down on crypto. Indeed, KYC compliance has become a common aspect across the ecosystem. There are many growing opinions that KYC registration is required for Non-Fungible Tokens to remove their wild west reputation.
