Yuga Labs, the company behind the Bored Ape Yacht Club, or BAYC, recently unveiled a new cooperation with Animoca Brands, a blockchain and play to earn gaming publisher. The hitch 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.
The BAYC just tweeted a link to a webpage where interested fans may submit an application in the hopes of being accepted to take part in whatever “is brewing.” Users must connect to an Ethereum wallet in order to access the play-to-earn NFT game.
Members of the cryptocurrency and especially the play-to-earn community are wary 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 with the username @cr0ssETH tweeted, implying that any sensitive information may wind up in the hands of third parties.
A Terms & Conditions document has been criticized for granting users “unrestricted” access to “all or any portion of your User Content.”
Another user, @maz nf, predicted that cryptocurrency will eventually become a “government-controlled corporate verse,” recognizing the necessity of a play to earn 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 if KYC should be implemented in NFT markets. OpenSea has recently been the target of phishing attacks and breaches, making NFT owners extremely exposed.
An art gallery owner’s $2.2 million Bored Apes collection was taken from his hot wallet in December 2021.
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